The construction of the multi-billion rand Munyaka development in Johannesburg has been the talk of the property industry in 2020 – and not even the global health crisis can stop Balwin Properties in their tracks. The group confirmed, via their recently released financial results, that they’re still on track to bring a beach to Gauteng.
The Johannesburg Beach – what you need to know about Munyaka
Balwin concluded an exclusivity agreement with Crystal Lagoons for South Africa and will develop freshwater lagoons – or artificial beaches – in six strategic nodes. But this facility in Midrand is the first out of the blocks.
The waterside apartments include Scandinavian style kitchens; as well as free eco-friendly appliances, a balcony for outdoor entertaining, plus pre-paid water and electricity meters. Balwin Properties, a JSE-listed entity, also promises a “lifestyle centre with impressive health and leisure facilities”, as well as world-class security.
Johannesburg development comes with luxury apartments, too
The project will cost approximately R9 billion and construction of the beach, boundary wall, gatehouse, lifestyle centre and show apartment block has already begun. Apartments went up for sale in March, but like almost every other business on the planet, the outbreak of disease has taken its toll on Balwin.
The group has 4 972 units available, but they’ve been unable to shift them following the economic downturn. However, the Balwin Property board remain bullish in their approach, and have vowed to complete their project over the ‘medium-to-long-term’. In fact, they are banking on Munyaka’s forecast success.
“The board remains apprehensive about the prevailing macro-economic crisis, and we continue to place an emphasis on appropriate cash flow management. We are taking proactive steps to deal with the impact of this lockdown and the disease itself. But the board is optimistic in the resilience of Balwin.”
“The recent reductions in lending rates, as announced by SARB, is welcome and support the management’s optimism on our medium-to-long-term prospects, which will be boosted by the expected success at Munyaka. We remain committed to offering this unique lifestyle opportunity by bringing the beach to our clients.”
When will the beach come to Gauteng? We’re looking at 2028…
According to their latest financial figures for 2020, they expect the entire development – from getting the beach up and running to putting the finishing touches on their expensive suites – to be completed by May 2028. So Joburgers looking for some local waves still have another eight years to wait.
Balwin Properties will also be investing in road infrastructure around Munyaka: Mia Drive was recently completed at a cost in excess of R100m. The smallest apartments can be bought for less than R1 million, but those seeking a little bit of opulence must find R30 million to secure themselves an ultra-luxurious penthouse.