Big city living exodus
Finweek English|5 November 2021
Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.
Glenda Williams

Big cities have historically attracted residents who enjoy apartment living in the hustle and bustle of a major metropolis. But mini city developments offering smart, safe and sustainable community spaces and amenities outside of major economic hubs are tempting city dwellers to leave big city life behind.

Take Waterfall City, located between Johannesburg and Pretoria in the 2 200 hectare Waterfall precinct developed by JSE-listed Reit Attacq.

In the last two years there has been a big boom in residential in the Waterfall precinct’s CBD area, Waterfall City. And the products with their built-in communal spaces and amenities are very different to the stand-alone houses or walk-up apartments in the broader Waterfall node.

On the Waterfall City drawing board are over 1 000 residential units split across two developments near the Mall of Africa, the core of the “CBD”.

Attacq’s first residential offering, Ellipse Waterfall, a luxury four-tower high-rise development of 620 units developed over three phases, has already netted R1.2bn in sales. Phase one of two towers is complete with 90% of units sold, and following the transfer of 196 Ellipse units, Attacq welcomed their first apartment residents to the city. Meanwhile phase two, priced from R1.725m to R14m, saw pre-sales of 90%.

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