Crystal Lagoons® Partners with Hyundai-NexPlan Consortium to Develop 30 Public Access Lagoons™ projects in Korea

Annually, over 30 million Koreans will transform their lifestyle by accessing these monumental urban lagoons surrounded by beaches that will be built in the country’s main cities.

Public Access Lagoons™ projects develop urban hubs that are rapidly becoming the meeting spot of the 21st century in different cities around the world.

When we think of Korea, we immediately relate it to crowded metropolises. Crystal Lagoons® has recently signed one of the firm’s most important contracts in the country, that entails 30 Public Access Lagoons™ developments, created and patented by the multinational innovation company.

It constitutes a large-scale operation with important local multinational firms, including Hyundai, amongst other. The annual sales for the projects are estimated to be over US$ 1.000 million and, once operational, projections indicate that PAL™ developments alone will receive more than 30 million people on a yearly basis. The projects will be developed in several cities across the country by the Hyundai-NexPlan consortium, founded for this specific purpose.

“PAL™ projects transform any location into the most entertaining spot in the city, and add significant value to urban environments, creating beach life on people’s doorstep,” explains Cristián Lehuedé, Executive Director at Crystal Lagoons.

Attractive amenities surround these monumental crystalline bodies of water, which can be accessed via ticketed entry, such as restaurants, beach clubs, retail stores, amphitheaters as well as entertainment and cultural activities, for hosting concerts, shows and film screenings, converting the PAL™ model into the meeting spot of the 21st century.

The first project in Korea will be located in Incheon, Seoul, on public land granted under concession. It will include a 6.8-acre crystalline lagoon and will be surrounded by restaurants, retail stores, and an amphitheater for shows, etc.

“One of the main forms of entertainment for Koreans are shopping malls. PAL™ projects will offer locals a new experience, allowing them to change their lifestyle. This is part of a growing, worldwide trend in which malls are being reconverted into open spaces and the need to offer new functional alternatives and experiences, such as these lagoons,” explains Lehuedé.

According to the executive, the worldwide success of the PAL™ business model means “they concentrate 80% of Crystal Lagoons contracts. Their allure lies in that they are used by large numbers of people. Furthermore, they allow for a rapid return on investment, since they have low construction and maintenance costs. Crystal Lagoons already has 200 PAL™ projects in different stages of negotiation, construction and operation throughout Europe, Asia, America and Africa, specifically Thailand, Spain, Italy, Turkey, Indonesia, Dubai, South Africa, Australia and Chile,” confirms Lehuedé.

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Crystal Lagoons started 2024 on a high note. The multinational announced a new contract that enhances its presence in this country, the primary market for the firm in the Middle East and North Africa (MENA) region.

The new real estate project is Azha North Lagoon, a second home complex located on the North Coast, in partnership with Madaar Development, a firm with which Crystal Lagoons has already developed the successful project Azha Ain Sokhna on the Red Sea. The new project will be in Ras Al Hikma, an area of great tourist and holiday success. It is on the front line with a 27-acre lagoon.

In Egypt, Crystal Lagoons has projects in different stages of development and operation, mainly located on the North Coast and along the Red Sea. Also in this country, the multinational has advanced negotiations to enter Cairo with its Public Access Lagoons™ complexes, also known as PAL™, which will revolutionize the lifestyle in Egypt’s cities, bringing beach life to the doorstep of homes and accessible to anyone through the payment of a ticket.

These crystalline lagoons are an attractive real estate amenity in Egypt. Among the multinational’s business partners in Egypt are recognized managers such as Tatweer Misr, Hassan Allam Properties, Golden Pyramids Plaza, and Madaar Development, among others. Likewise, Egypt is the second largest crystalline lagoon in the world at the Citystars Sharm El Sheikh project, with 28 acres in the middle of the desert.

“In Egypt, Crystal Lagoons® technology is recognized as the only one capable of developing crystalline lagoons at low construction and maintenance costs,” explains Miguel Ángel Cabañas, regional director of Crystal Lagoons.

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With new developments in Buenos Aires (Openn Pilar), Rosario (Vida Lagoon y Distrito Cero), and Mar del Plata (Developer Aqua), Argentina has consolidated its position as Crystal Lagoons’ main market in South America after Chile.  In addition to these complexes, there are others in association with essential local real estate managers such as Castex, Morvial, Arkken Group, Rossetti Desarrollos Urbanos, Grupo Monarca, Grupo Developer, DLM, Galp Inversiones and Vizora in Gran Buenos Aires, Córdoba and Pinamar. The projects Terralagos, Lagoon Pilar, Acquavista, and Remeros Beach, among others, stand out.

All Crystal Lagoons developments in Argentina have become sales successes. Remeros Beach sold over half of its sites within the first two months, while Terralagos sold more than 1,000 lots, exhausted apartments in record time, and has a waiting list for the next building to be launched, both projects in Buenos Aires. In Mar del Plata, Developer Aqua sold one-third of the project on the first day of commercial launch, tripling the price per square meter.

“In Argentina, beyond the different economic situations, the success of Crystal Lagoons does not stop. Projects incorporating lagoons generate exponential added value in the real estate sector. The projection is even more positive because an increase in foreign investment is expected in the coming months, which will further boost the real estate market”, explains Francisco Matte, Crystal Lagoons’ regional director for Latin America.

One of the keys to the multinational’s success in Argentina is the beachside lifestyle of its residents who, thanks to the crystalline lagoons, can enjoy turquoise waters just steps from their homes without the need to take a plane, even in inland areas such as Córdoba and Rosario and in a renowned resort town like Mar del Plata.

Crystal Lagoons also has advanced negotiations in Argentina to develop Public Access Lagoons™, also known as PAL™ projects. These complexes, accessible to anyone by paying a ticket, feature large crystalline lagoons and white sand beaches surrounded by attractive amenities such as restaurants, beach clubs, retail outlets, theaters, and cultural activities.

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Crystalline lagoons, powered by Crystal Lagoons® technology, have redefined the global real estate market paradigm. Once again, a leading economic media outlet, Forbes, acknowledges the impact of this amenity, highlighting it as a key driver of sales across the board. Particularly notable is the case of Colombia, where crystalline lagoons have been a fundamental factor in the commercial success of real estate projects. An eloquent example of this phenomenon is the commercial success of the construction company Arquitectura y Concreto. Crystal Lagoons has been a determining factor in the 70% increase in its sales, even in a challenging real estate context facing a 45% decline.

“It sounds unbelievable, but that’s how it happened,” said Francisco Martínez, president of Arquitectura y Concreto, in an interview with Forbes Colombia, attributing the meteoric increase in sales to the innovation of Crystal Lagoons. The executive highlights the success of Crystal Lagoons projects with AED, including Baia Kristal in Cartagena de Indias, the best-selling project in Colombia, reflecting the multinational phenomenon in that market. In fact, with its 3.2 hectares of crystal-clear waters and white sands, it was initially projected to be sold within three years, but it ended up being commercialized in less than 12 months, positioning itself as the #1 project in sales in the country since its launch.

This success led AED to finalize a master agreement with Crystal Lagoons to develop 13 projects with crystalline lagoons in the Colombian Caribbean and the Coffee Region, including cities such as Barranquilla, Santa Marta, Pereira, and Cartagena de Indias.

Azul de Arenas is part of this agreement and marks Crystal Lagoons’ entry into Latin American retail as part of the Colombian Caribbean’s largest shopping and entertainment center. The project’s centerpiece in Cartagena de Indias will be a 3-hectare crystalline lagoon suitable for swimming and water sports.

Forbes