New lagoon ‘beach’ for Joburg South

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30-11-2021
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Business Tech
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Balwin Properties says it intends to construct a Crystal Lagoon at its Greater Thaba Development in Johannesburg South, and “bring the beach life” to the area.

The listed property developer already has a lagoon – The Blyde at Riverwalk Estate – located in Pretoria East, and plans are in place for a R9 billion development in Waterfall, Midrand, called Munyaka, which will feature the largest Crystal Lagoon in the southern hemisphere – more than seven rugby fields.

Balwin said it has concluded a sale agreement with Tentacle Properties Proprietary for a number of Rietvlei Farm properties measuring approximately 300 hectares of which approximately 150 hectares is developable for an eco-estate, estimated at 7,443 apartments.

The development will also consist of luxury duplexes and free-standing residential dwellings to be constructed by third-party construction companies specialising in that field.

“Initially, Balwin acquired the land on which its existing Thaba Eco Village project is situated from the seller but after rigorous negotiations, it has now concluded the transaction which will effectively extend its existing Thaba Eco Village development in Johannesburg South.”

Balwin said that the development will establish a firm pipeline for the group in the south of Johannesburg for the next decade and will provide the opportunity for purchasers of various income groups to own a home in an eco-estate.

The properties are situated within the vicinity of the upmarket Thaba Eco Hotel which is a rapidly developing family-friendly suburb surrounded by an abundance of green space, the group said.

The property is close to the N3 andN12 highways and other arterial roads. The Greater Thaba Development will be accessible off Klipriviersberg roads via the N12.

The development will consist of various amenities, including a school, value retail, a filling station, a Crystal Lagoon, an Art Park, a vast green space allowing for trail running, mountain biking and hiking, Balwin said.

“The vision for the green space encompasses the creation of a Green Flag rated hiking trail and the construction of a green-bridge, linking the Thaba development to the Klipriviersberg
Nature Reserve, creating approximately 1,000 HA of conservancy in the south of Johannesburg.

“In addition, it is Balwin’s vision to apply for the status of a UNESCO World Heritage site for the reserve area, which will stimulate foreign tourism to the area and overall metropole.”

The property, it said, will be designed for clients looking for affordable housing combined with a unique lifestyle offering complemented by breath-taking sceneries, quality schools, medical facilities and shopping centres.

“The design of the apartment blocks is focused on blending into the surrounding natural beauty, with no negative impact on the existing scenery.”

Balwin said it will phase the development and it is estimated that top structure construction will commence during Q1 2026, with the first handovers following approximately six months later.

The group will pay a minimum of R100 million (excluding VAT) and a maximum of R330 million (excluding VAT). “It should be noted that at this stage, it is not possible to determine the amount payable per apartment as the final purchase price is to be adjusted depending on the density achieved as well as the total cost of external engineering services installation.”

Balwin said it intends to raise funding for the installation of the external engineering services and the properties will stand as security.

Earlier in November, Balwin Properties concluded a funding deal to make R450 million available for the Thaba-Eco Village, currently under construction. The funding is set to be used for the first 480 apartments as well as the infrastructure of the entire development.