Growthpoint Properties, the real estate investment trust (REIT), says that demand for its new luxury residential development in the heart of Sandton has been exceptional, with 60% of units already sold.
The property said that construction of the R2 billion Olympus Sandton twin towers, in partnership with leading luxury residential developer Tricolt, will begin in the coming months, fuelled by strong demand from both individual buyers and investors.
Olympus Sandton will be situated in the mixed-use Sandton Summit precinct, anchored by the Discovery Head Office on the corner of Rivonia Road, where Katherine Street becomes Sandton Drive.
Growthpoint has been rolling out different elements of the Sandton Summit vision for over a decade, and Olympus Sandton is its first development positioned to capture the increased demand for residential property in Sandton Central, it said.
The development will comprise two towers. The first residential tower of 26 storeys will be the first phase of the development along Rivonia Road.
It will include a premium dining experience from Marble Hospitality Group on one of the tower’s upper floors, as well as its extraordinary Pantry convenience retail offering in Grade-A ground floor retail space.
The second phase is a tower of at least 16 storeys, located east of the first.
The sale of the development’s more than 400 residential apartments by Tricolt has commenced and will launch to the public on 27 February 2025, with prices starting from R1.49 million.
Olympus Sandton’s 26-storey tower, although not the tallest building in the area, will become the highest in Sandton, offering unmatched views across Johannesburg and beyond.
Neil Schloss, head of asset management South Africa at Growthpoint Properties, said: “We believe that commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton Central, and aligned with its accelerated transformation into a vibrant neighbourhood as it evolves with the trend of people wanting to live closer to workplaces and amenities, to offer an exceptional mix of residential, office, retail and other types of properties.”
Timothy Irvine, Growthpoint’s head of asset management for offices, said: “Sandton is experiencing a significant revival. After years of office downsizing, companies are now maintaining their physical presence and even starting to grow it again as return-to-office becomes standard practice.
“Vacancy rates in Growthpoint’s office portfolio are declining nationwide, with Sandton — the country’s cosmopolitan business capital — showing the start of a particularly promising recovery.
“Despite a slow initial post-pandemic resurgence, the district is adapting not only its office spaces to meet growing demand but its entire lifestyle, with more living and gathering spaces.”
The best-known mixed-use asset in Growthpoint’s investment portfolio is the iconic V&A Waterfront, of which Growthpoint is a 50% owner.
