Attacq and Tricolt break ground on R624m Waterfall City development

JSE-listed real estate investment trust Attacq and residential developer Tricolt Group have officially broken ground on Aspire Waterfall City, a R624 million luxury residential development within Gauteng’s R15.3 billion Waterfall City precinct.

The project, which launched sales 12 months ago, comprises 217 apartments and penthouses. Buyer response has seen over 76% of the units pre-sold before construction began.

Prices for the residential inventory ranges from R1.9 million for an executive suite to R32.35 million for a signature penthouse. Construction is expected to take about 22 months, with completion scheduled for the second quarter of 2028.

Location and off-plan sales

The development is situated next to Mall of Africa, with direct pedestrian access to the retail hub.

David Oosthuizen, development executive at Attacq, said the location and access to amenities had helped drive sales among both owner-occupiers and investors.

“Aspire’s unique location – positioned within an iconic smart city with a complete offering of residential, business, leisure and relaxation destinations, and directly connected to Mall of Africa – has been one of the development’s strongest selling points, appealing to both end-users seeking a convenient lock-up-and-go lifestyle and investors looking for long-term capital growth and rental demand.

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“This demonstrates continued demand for high-quality, well-located residential opportunities,” he said.

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The development will also accommodate short-term letting through approved third-party operators, following a model used in earlier residential projects in the precinct.

The developers said neighbouring developments, including Ellipse, had demonstrated the potential of short-term letting to generate returns for investors in Waterfall City.

Precinct infrastructure

The project has attracted a notable number of repeat buyers who previously purchased units in Attacq and Tricolt joint ventures.

Oosthuizen said the response highlighted the importance of connectivity and infrastructure in attracting buyers.

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“The market response confirms what we have always known – that people want more than proximity to amenities; they want genuine connectivity. Attacq’s role has been to build that infrastructure and the confidence around it, and it is rewarding to see Attacq and Tricolt deliver a product that buyers are responding to at this scale,” he said.

Read:
Continued Waterfall City investment yields solid returns for Attacq
R2.75bn Attacq Waterfall City expansion includes 19-storey residential tower

Tim Kloeck, chair of Tricolt Group, said the development reflected the company’s approach to residential property.

“We are proud to see Aspire Waterfall City break ground. For us, Aspire represents the essence of what we believe great residential developments should deliver: enduring investment value, considered style, and an exceptional lived experience,” he said.

“We’ve created a lifestyle that is both convenient and future-focused. The strong market response, particularly from repeat buyers, is a powerful endorsement of the trust buyers place in our brand and the long-term value they see in this development.”

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