Crystal Lagoons will develop 16 new PAL™ projects in Australia20 October, 2023 / News
Crystal Lagoons continues to expand in Australia and will develop 16 new Public Access Lagoons™ projects, also known as PAL™ complexes. This will be realized through an agreement signed by the innovation multinational with Vibranium Capital Partners, an investment fund with a strong presence in Oceania, the Americas, and Asia.
This agreement entails the development of PAL™ projects in various Australian cities, including Melbourne, Sydney, Adelaide, Perth, Brisbane, and Gold Coast, which are renowned for their high quality of life and rich geographical and natural surroundings, placing them among the world’s best cities to live in. Through this contract, these destinations will feature crystalline lagoons suitable for swimming and water sports, surrounded by white sandy beaches.
While these cities are located close to the coast, the projects of Crystal Lagoons will develop second and safer shorelines. They will provide additional tourist infrastructure to the natural beaches that enable people to swim and practice water sports securely, free from the sea risks in that area. Like all public access projects of Crystal Lagoons, the centerpiece is a crystalline lagoon, which can be accessed via ticketed entry. The PAL™ complexes also incorporate restaurants, multifamily areas, hotels, retail, beach clubs, etc.
With over 30 years of experience and an investment portfolio of US$4 billion, the Australian investment fund expressed interest in PAL™ projects intending to expand its strategic partnerships and real estate development opportunities in key markets.
“Australians love the water and outdoor life. However, as with many tourist destinations worldwide, coastal edges are highly developed, and land is expensive. PAL™ developments offer a successful and sustainable alternative to developing beach and recreational infrastructure in inland areas, giving a larger part of the population access to these recreational spaces,” said Alastair Sinclair, Regional Director of Crystal Lagoons.
“We look forward to leveraging our experience under this partnership and the potential of Crystal Lagoons® concepts and technology, particularly in Australia. We will now focus on building partnerships with strategic investors, developers, and landowners in each of the territories to bring these projects to fruition,” added a Vibranium Capital Partners spokesperson.