Surf's Up in Sao Paulo —for $125,000

Bloomberg

a day ago

Leia em português.
For surfers in the Brazilian megacity of Sao Paulo, catching waves was typically a logistical feat that required early morning departures for the beach 50 miles away to beat the traffic and the possibility of disappointment at the conditions on the Atlantic coast.
But now—at least for the financially blessed—they suddenly have two new competing clubs with wave pools opening in the second half of the year on either side of the Pinheiros River, which until recently often reeked of sewage.
The projects, just four miles apart, offer individuals and their families access to a rare new social club in the 471-year-old city with activities that range beyond the artificial waves to include tennis, squash, a ski simulator, skate park, spa and restaurants.
The current price tag—which has been rising—for a family of four varies from 700,000 reais (about $125,000) at Beyond the Club to 1 million reais at JHSF's Sao Paulo Surf Club. While the memberships have been popular with professionals, especially in the financial industry, it's a costly hobby for a city in which the median annual income is about $12,000.
'The technology is still very expensive,' said Oscar Segall, founding partner and head of KSM Realty, the developer behind Beyond the Club. 'But so were the first Teslas and iPhones. In the world there are 37,000 golf courses but only 22 wave pools. This has the potential to have 10,000 globally. Everyone wants to surf.'
And Brazil is crazy about surfing.
Despite having few world class waves along its 4,650 miles of coastline, about 30% of the athletes on the World Surf League tour hail from Brazil while seven of the last 10 champions in the mens category are also from the South American nation more famed for futebol and samba.
The difference now is that luxury developers are tapping into the demand to include wave pools among amenities for high net worth clients. It means a banker, for example, can either start their day surfing at the club at 6 a.m. before a short drive to work along Faria Lima Avenue or skip the power lunch for an acai bowl and a few waves at midday.
In essence, it's a solution for clients with more money than time. It's also appealing to both novices and professionals—and easier to navigate than dealing with rip tides in the open ocean.
'In a huge metropolis we've brought a surf club to where people are just 10 minutes from the heart of Sao Paulo in front of an iconic bridge,' Augusto Martins, chief executive officer of JHSF Participacoes SA said during a tour of the site. 'We're focused on luxury developments with exclusive services and quality.'
Beyond the Club said investment in the project is about 1.4 billion reais with an expected total sales of 2.3 billion reais. A maximum of 3,000 memberships will be sold and nearly 60% of them have been snapped up. It will also have a helipad for people looking to avoid Sao Paulo's infamous gridlock.
JHSF's Martins declined to provide numbers on investment, sales or memberships available or sold, citing the firm's restrictions as a publicly traded company.
Even surfers that live in Rio de Janeiro, which boasts spectacular views and famed beaches like Ipanema and Copacabana, have bought memberships to the Sao Paulo clubs as ways to tap into the availability and consistency of quality simulated waves.
At least one businessman from the agriculture-heavy state of Mato Grosso do Sul, more than 600 miles from the coast, is also a member at the JHSF project.
On a recent chilly late May day he emerged from his first test surf beaming. 'This is mind-blowing,' Neif Salim Neto, 46, said. 'I come every month to Sao Paulo for work. We need one of these where I live.'
Gabriel Medina, a three-time world champion who has joined Beyond the Club as a partner and brand ambassador, said 'it's crazy what Brazil is doing with wave pools' as he prepared to enter the water alongside Brazilian musician L7nnon.
Beyond the local developers, there are also competing global companies that specialize in wave technology being showcased at the clubs. Wavegarden, founded by a Basque family from Spain, built the pool at Beyond the Club. American Wave Machines, founded by a family in Southern California, with its PerfectSwell technology, is at the Surf Club.
'Brazil is the most important market in the world for us at the moment,' Fernando Odriozola of Wavegarden said in an interview. 'We've created a new asset that is bringing value to a lot of real estate developments.'
A wave pool from San Sebastian-based Wavegarden can cost anywhere between 10 and 35 million euros ($11.5 million and $40.2 million), Odriozola said. The company has 60 projects globally with 10 already functioning, 10 in construction and another 40 in viability studies with financial commitments.
Gabriel Medina is a Brazilian professional surfer and business partner of Beyond The Club. Medina, born in Sao Paulo state, is a three time World Surf League Champion and 2024 Olympic Games bronze medal winner.
Medina, seen surfing a wave at Beyond the Club, said 'it's crazy what Brazil is doing with wave pools'
A surfer waxes his board at Beyond the Club before going in the water.
Brazilian professional musician and skateboarder L7nnon tests the wave pool at Beyond The Club.
Beyond The Club is expected to be fully operational in October 2025.
Oscar Segall, founding partner and head of KSM Realty, the developer behind Beyond the Club, is keen to expand the brand to locations around the world.
The surf pool is currently capable of making up to 30 different types of waves.
Wavegarden previously worked with Segall, a real estate developer veteran, when he incorporated a wave pool at the Fazenda da Grama gated community located inland in Sao Paulo to create 'Praia da Grama' during the pandemic.
In Brazil, Wavegarden is planning an artificial beach with wave pool in the central state of Goias, near the capital Brasilia, along with several other gated communities. Globally, they have plans for others in Madrid, Virginia Beach and Coachella, Odriozola said.
Segall hopes to take the Beyond the Club brand worldwide, imagining a global membership with access to multiple locations.
AWM built a wave pool in Waco, Texas about seven years ago followed by a project in Japan ahead of the 2020 Summer Olympics that had incorporated surfing as a sport for the first time. It then worked with JHSF at its gated community Fazenda Boa Vista for a wave pool before turning to the project in the city of Sao Paulo.
They're now close to inaugurating a project in China and develop another in Utah.
Willy McFarland, head of business development at AWM and son of the founders, said they've 'cracked the code on fun, high performance surf' which is 'addicting and euphoric,' adding that people sometimes cry when they come out of the water after a first barrel.
So why is it taking off in Brazil?
'My suspicion is that the elites of Brazil are surfers in a higher density than anywhere else,' he said. In Southern California 'there are plenty of wealthy surfers but there are probably way more golfers. And Brazil is the most enthusiastic country about surfing.'
Edited by Stephen Wicary and Kristine Owram
Photo edited and produced by Marie Monteleone
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