ATTACQ would consider more residential developments at Waterfall City in partnership with Cape Town-based developer DTE Properties, depending on the sales uptake of the 400-unit The Mix, Attacq’s chief development officer Giles Pendleton said.
Attacq and DTE yesterday, in a 50/50 joint venture, launched the R500 million, The Mix, which will extend some 13 storeys, just adjacent, but linked to Attacq’s Mall of Africa in Waterfall City.
Attacq’s chief development officer Giles Pendleton said in a presentation yesterday that some 70 percent of the studio, one and two-bedroomed units, to be priced between R1 million and 2 million, would need to be sold before construction began, but they expected that all the units would be sold in the next 4 to 6 months.
D2E director Robin Magid said the development would be distinctive from other new residential developments. Aimed primarily at millennials and young professionals, he said The Mix aimed to embrace the typical lifestyle of millennials, which revolved around social activities and where an apartment was more of a place to sleep, and owning a unit at The Mix would effectively be like owning sectional title in a hotel.
There would be concierge services, a car park space, ground floor deli, a locker system that could be heated or cooled according to what delivery was being made, laundromat, gym and yoga facilities, pool deck, amphitheatre, work stations and sweeping views from the balcony of each apartment.
The average apartment size was 41 square metres, with the initial selling prices at an average of R37 000 per square metre. The smaller unit would average 25-26 square metres with an 8 square metre balcony.
Pendleton said the residential development was the next step in their development of Waterfall City, as it was originally envisaged a few years ago as a place to work, play and live.
Residents would have direct access to the mall and other offerings within Waterfall City, in addition to the amenities within the new development.
Magid, a former chief executive of Investec Property, had launched a R600m apartment development in Sea Point, Cape Town in March in a joint-venture with another Cape Town-based developer, Berman Brothers Group.
Attacq’s first high-rise residential development in Waterfall is the Elipse, which is aimed at a higher income market than The Mix.
BUSINESS REPORT