When the idea of Waterfall was conceptualized in 1996, no one could foresee the incredible pace at which this ultimately world-class, sustainable Smart City would develop.
Attacq, the JSE-listed REIT and strategic development partner in Waterfall City has ensured that this urban centre has remained on track.
The group said in a pre-close update this week that the total lettable area completed Waterfall City is 23 320 m², with total lettable area under construction or in the pipeline at 30 041 m².
Total development activity amounted to R1.2 billion, consisting of R375 million currently under construction and R838.3 million approved pipeline.
Highlights of its pre-close update on Tuesday:
Share buybacks: a total of 5 352 955 shares bought to date at an average price of R9.35
Heathy debt levels, DMTN programme to launch post results in September 2024
Acquisition of the 20% share of Mall of Africa
The transaction is unconditional, the notarial lease is being registered, and completion is expected at the beginning of July 2024
Guidance remains unchanged: DIPS growth of between 10.0% and 12.5%
Dividend payout ratio: 80%
It said in May that its 70% held subsidiary, Attacq Waterfall Investment Company (AWIC) had acquired the remaining 20% stake in Mall of Africa for R1.07 billion from the Atterbury Group. AWIC currently holds an 80% stake in the asset.
Strategically situated between Johannesburg and Pretoria on a sprawling 2,200-hectare plot bordered by Kyalami, Midrand, and Woodmead, Waterfall City has emerged as a pivotal hub.
It caters effortlessly to soaring demand for offices, shops, restaurants, homes, and logistics space amidst the area's rapid expansion. Accessibility is seamless, linked directly to three of the country's busiest highways.
The inception of Waterfall's initial residential estate commenced in 2006. Today, it stands as Africa's largest mixed-use development, currently 43% complete. The city boasts 10 residential precincts, accommodating 12,000 residents across nearly 6,000 homes.
Residents of Waterfall City enjoy a rich educational environment, featuring three esteemed private schools and a tertiary institute. Educational options range from early childhood centres like LittleHill Montessori and Curro Castle to comprehensive programmes at Curro Waterfall and Reddam House Waterfall, catering to students from Grades 1 through 12. Additionally, STADIO Waterfall offers tertiary education opportunities.
Entertainment options include nearly 600 retail stores, and over 75 restaurants. The 1.2-hectare Waterfall City Park hosts markets and events throughout the year and offers recreational activities such as the World of Golf.
Despite being less than halfway complete, Waterfall City anticipates a sustainable future growth trajectory. Over 1.6 million square meters of Gross Leasable Area (GLA) remain to be developed, culminating in an estimated 28,000 residential units for approximately 80,000 residents.
The commercial sector will encompass 2.5 million square meters of GLA, accommodating an additional 95,000 people. The development currently holds an estimated value of approximately R100 billion.
Employment figures highlight its economic impact, with 24,000 individuals presently engaged in the project and an anticipated 85,000 job opportunities upon completion.
Waterfall City also significantly contributes to the City of Johannesburg, already yielding over R700 million annually in rates and taxes, projected to exceed R1.5 billion upon full completion.
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