A palatial penthouse north of Sandton has fetched R75m, believed to be the most expensive apartment sold in South Africa since 2008 when a luxury pad at the One&Only Waterfront hotel in Cape Town went for R110m.
It also pips the R72m paid for a Bantry Bay beachfront apartment in Cape Town last year. The duplex spans about 400m² and is the pièce de résistance of Waterfall City’s new Ellipse high-rise, midway between Sandton and Centurion.
Until now, The Leonardo in Sandton — the tallest building in South Africa — held the record for sectional-title prices in Gauteng with a unit reportedly fetching R45m in 2019.
Recently, however, fewer apartments with prices of more than R30m have been sold in Gauteng. An exception is last year’s R33m sale of a 442m² penthouse at Steyn City in Johannesburg.
The Waterfall City deal cements the mixed-use precinct’s burgeoning status as one of the province’s most desirable addresses among the nouveau riche.
JSE-listed Attacq and development partner Atterbury have transformed the huge tract of empty land into a vibrant live, work, shop and play destination.
Attacq acquired the Waterfall leasehold rights to develop 1.6-million square metres on 2,200ha of land from the Mia family in 2008. The precinct, which is now more than 50% developed, is valued at R13bn. The Government Employees Pension Fund also placed a huge bet on the precinct, acquiring 30% this year for R2.8bn.
The transformation is largely being led by young professionals and millennials who are attracted to walkable neighbourhoods
— Cobus Odendaal
Waterfall City’s blend of retail, commercial and residential developments include the 130,000m² Mall of Africa; three smaller convenience centres; multiple logistics, industrial and corporate head offices including that of auditing firms Deloitte and PwC; a Netcare hospital; four hotels; 10 residential developments; and three private schools — Reddam House, Montessori and Curro.
Mall of Africa is the largest shopping centre built from scratch in South Africa. In the 12 months to April, turnover per square metre surged by 19.2% to an average R4,169/m².
Attacq, in partnership with Tricolt, launched Ellipse Waterfall off-plan in 2018 opposite the mall. It’s the precinct’s first high-rise sectional-title development and consists of 600 apartments spread across four towers. Three are complete: Cassini, Newton, and Kepler. Sales at the fourth and final building, Galileo, were launched in October.
Attacq development executive David Oosthuizen says Ellipse has clocked up R2.3bn in sales, with 560 units sold. Prices vary from R1.5m-R7.7m for bachelor, one- and two-bedroom apartments sized from 32m² upwards.
Prices for two-, three- and four-bedroom penthouses start at R10.545m. The largest duplex units span roughly 385m²-400m² and occupy pole position on the top two floors of what will, on completion, be a 12-storey building.
The luxury apartments have swimming pools, jacuzzis, rooftop gardens and open and closed terraces of more than 100m². Oosthuizen says each penthouse is designed with double-volume living spaces and floor-to-ceiling windows with views across Gauteng.
Finishes include imported tiles, herringbone wooden floors, Hansgrohe fittings, quartz-stone kitchen countertops and Smeg appliances. He isn’t sharing details of the R75m penthouse, except to say it has “bespoke finishings to suit client specification”.
He says the Ellipse has an “elegant resort-style” setting.
The development recently opened Luna Club, offering residents access to an indoor gym, spa and wellness centre, temperature-controlled swimming pools and an Olives & Plates restaurant.
Cobus Odendaal, CEO of Lew Geffen Sotheby’s International Realty in Joburg and Randburg, says mixed-use precincts such as Waterfall City are becoming sought after.
“The shifting preferences and needs of urban dwellers are driving significant changes in the property landscape of major metros,” he says. “The transformation is largely being led by young professionals and millennials who are attracted to walkable neighbourhoods with easy access to work opportunities, shops, schools, leisure amenities and low-maintenance, tech-enabled living spaces.’’
Mixed-use precincts, often referred to as “20-minute neighbourhoods”, have also become more relevant as municipal service delivery has deteriorated. Waterfall City’s roads, landscaping, security, waste collection, cleaning, water and electricity backup systems are privately controlled. The precinct has its own fire brigade.
The upshot is that residents don’t have to rely on local government to keep pavements tidy, collect rubbish and fix potholes — no doubt an incentive for investors looking to protect property values.
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