Attacq, Tricolt start R1.2bn high-riser project in the heart of Waterfall City

THE FIRST high-rise residential apartments are to be built in the heart of Waterfall City at a total development cost of R1.2 billion by an equal joint venture between listed Attacq and property development company Tricolt.

Ellipse Waterfall, comprising four apartment buildings ranging in height from 10 to 15 storeys with a total of 590 apartments, is to be launched at the beginning of next month.

It will be developed in two phases and have two underground basement levels that will provide 980 parking bays.

The price of the apartments will range from R1.49 million for an executive 44m² one-bedroom unit to R12m for a 327m² duplex penthouse with a rooftop terrace and pool.

Melt Hamman, the chief executive of Attacq, believed the majority of the 254 units of the first phase apartments would be bought by investors.

Tim Kloeck, the chief executive of Tricolt, said construction would commence once the first phase was 70 percent pre-sold, which was expected to be in March next year.

Kloeck said construction of the first phase was expected to take 18 months to complete.

Giles Pendleton, the head of developments at Attacq, believed both phases would be under construction simultaneously, with the first phase completed while the second phase was being built.

Pendleton said the development of the residential apartments was part of Attacq’s overall strategy for Waterfall and the creation of a holistic city that facilitated a work, live and play lifestyle.

He said the timing of the launch of the apartments was prompted by the critical mass of the commercial property now developed in Waterfall City, which meant the other asset classes and the “live and play” component could now thrive on the critical mass already created in Waterfall.

Hamman said that by 2020 when the first phase of Ellipse Waterfall was completed, there would be about 10 000 people working in Waterfall City, including about 3 500 people in the PricewaterhouseCoopers building and a similar number in the Deloitte building.