Phase one of the high-rise residential precinct in Waterfall City, South Africa has been launched. Residential property developer Tricolt and JSE-listed real estate investment trust Attacq cut the sod for the development.
Estimated to cost US $83m, phase I of the project dubbed the Ellipse Waterfall will comprise of 590 apartments that will stand on four towers, namely Newton, Kepler, Da Vinci and Galileo towers. Construction will also feature 980 parking bays that will be fitted in two underground basement that will also be constructed. Construction will be completed in 18 months
The Waterfall development
The Waterfall development sits on 2 200 hectares land and will comprise of 18,500 units in the residential area. The precinct is within walking distance of the Netcare Waterfall City hospital and the Mall of Africa. A one-bedroomed apartment sitting at 44m² will cost US $104,000 while a duplex penthouse with a rooftop terrace and pool sitting at 327m² will cost US $834,000.
Giles Pendleton, the head of developments at Attacq, said that the Waterfall city will have a 57,000 night time population and a 70,000 daytime population from its residence in the different residential units. The development will also have amenities such as a lap pool, leisure pool, gas braai facilities, a 1km fitness track with pull-up bars and different types of outdoor exercise machinery.
Kloeck further added that Ellipse Waterfall residence of all ages will have access to an exclusive multi-concept lifestyle destination called ‘The Luna Club’ that is fitted with a gymnasium, spa and sauna facilities, a business center with a boardroom and conference facility, lounge and bar area, coffee bar and a children’s playroom.
The luxury towers were designed in elliptical shapes, hence the name of the precinct, and the first two towers, called Newton and Kepler, are 10 and 11 storeys high, respectively. The towers will be completed during the first half of 2021.
Tricolt CEO Tim Kloeck pointed out that 80% of the 272 apartments in the two towers have already been sold. Phase two of the development will involve construction of the flagship 16-storey Cassini tower. It will be completed in about nine months after the completion of the first phase. The third phase of the project will entail the construction of the 12-storey Galileo tower and will be completed nine months after Cassini.