Mall of Africa majority owner Attacq is set to add to the mixed-use property offering within its multi-billion-rand Waterfall City mega development node in Gauteng with the imminent launch of a R500 million residential project that will be home to around 400 micro apartments.
‘The Mix’ development, as it is dubbed, is a 14-storey residential block that will be built right next to the main entrance of Mall of Africa and connect directly to the parking lot of the super-regional shopping centre.
“This 50/50 joint venture between Attacq and Cape Town-based private developer D2E Properties will be launched to market next week,” says Attacq’s chief development officer Giles Pendleton, speaking to Moneyweb in an exclusive interview.
“It’s going to be an exciting new addition to the Waterfall City mix, bringing New York-style micro living to this prime node.
“We are quite bullish about this new development,” says Pendleton.
“The Mix is yet to be officially launched to market, but we are already receiving strong interest. It’s going to be a funky product that we believe will appeal to both investors and aspirant first-time home buyers.”
Entry level 36m2 studio apartments will go for just under R1 million, giving young professionals an opportunity to “buy into Waterfall” says Pendleton.
“It is small, but it’s all about the efficient use of space and we believe there is a market for this kind of lock-up-and-go apartment offering. The units will come furnished and each has its own balcony, however, the overall development will have extensive amenities, such as a laundry, pool deck, bar, gym and yoga studio, restaurant, and flexible workspaces,” he points out.
While most of the apartments will be studio and one-bedroom units, the development will also include a few penthouses of around 86m2 that will span three levels.
“The live, work and play environment means that residents will have direct access to the mall and other offerings within Waterfall City, in addition to the amenities within the new residential development itself,” says Pendleton.
“We believe we have found the right joint-venture partner in D2E Properties for this kind of development. They are specialists in the field and have another similar development centred around micro living in Cape Town. The Mix represents D2E’s first residential property project in Joburg,” he adds.
Robin Magid, founder and director of D2E Properties, says Waterfall is one of South Africa’s fastest growing prime property development nodes.
“It was a natural choice for my group to choose to partner with Attacq – the master-planner and developer driving the Waterfall City CBD,” he says.
“Location is everything and we believe Waterfall City is a great location for our first development in Joburg. The Mix will basically be atop part of Mall of Africa’s parking and at the main entrance to Waterfall City, arguably the most secure live, work and play environment in the country [it has 24-hour CCTV security],” he explains.
“When I approached Attacq with this concept, they bought into it as it fitted with their broader mixed-use vision for Waterfall City.
“I wouldn’t describe our offering as micro apartments, considering the mix of amenities we are offering within the development,” he adds.
Magid, a former CEO of Investec Property (the unlisted direct property and development business of Investec), launched a R600 million apartment development in Sea Point in March around the same lines as a joint-venture with another Cape Town-based developer, Berman Brothers Group.
“We have already done more than R300 million in sales in the Station House development in Cape Town. I am confident The Mix will also do well considering its great location and also being linked to Mall of Africa,” he says.
Meanwhile, giving an update on Attacq’s first high-rise residential development in Waterfall, Pendleton says that the upper market Ellipse project has achieved more than R1.1 billion in sales thus far.
The first two towers of the development are complete and bulk earthworks have commenced on phase two of the project, which will see two further towers being built.
“We wanted to follow the Ellipse residential development with a different product that did not compete,” says Pendleton. “The Mix development is aimed at a very different end-user and a new market of young professionals for Waterfall City.”