Waterfall City, in the Midrand Corridor, has become an iconic smart city. Attacq said the 527,671 square metre development is currently valued at R14.3bn and has already created some 23,151 jobs while generating monthly income of R94.9 million.
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JSE-listed Attacq is involved in about R2.1 billion of property development at its flagship development in Midrand, Waterfall City.
Waterfall City, in the Midrand Corridor, has become an iconic smart city. In an operational update on Tuesday, Attacq said the 527,671 square metre development is currently valued at R14.3bn and has already created some 23,151 jobs while generating monthly income of R94.9 million.
Completed developments so far at Waterfall City through the 2026 financial year to June 2026 included Vantage Data Centre and the 13,386 square metre, Ellipse Waterfall, phase 3 apartment development.
Developments under construction include the 12,613 square metre Gateway East, with a development cost of R359,2m, which will include restaurants and collaboration hubs as tenants, and the 22,142 square metre LP3 (Logistics Park 3) warehouse. Gateway East is scheduled to be completed in the second quarter of the 2027 financial year.
The approved development pipeline also includes a client-led logistics warehouse, a hotel and conference facility, the Aspire residential development, and a City Lodge expansion. Significant infrastructure rollout is also planned.
Total development activity at Waterfall City currently spans 87,516 square metres of gross lettable area, andrepresents about R2.1bn of capital investment.
At Aspire Waterfall City, the second tallest building in Waterfall City, 152 apartment sales have been concluded with a value of R384.9m, with practical completion expected in the third quarter of 2028.
The Galileo Tower Phase 3 involves 220 units in 13 storeys. Two hundred and fifteen units of bankable sales have been concluded, with a total value of R501.9m. The practical completion date of this project is in the second quarter of this financial year.
A hospitality and conferencing facility is being built at the south-eastern corner of Mall of Africa in a partnership, with a total development cost of R634.3m. The estimated practical completion date is in the second quarter of 2028.
The client-led warehouse development involves a joint venture facility over 16,072 square metres, with the client holding 50%, located near Waterfall City Junction, phase 1. It is being built at a cost of R277.7m, and the completion date is scheduled for 18 months.
The speculative LP3 (logisfics park 3) warehouse development covers 22,142 square metres in a joint venture with Sanlam. Located at Waterfall City Junction, phase 1, it has a development cost of R253.4m and is expected to be completed in the third quarter of 2027.
Attacq’s interest-bearing debt stood at R7.66bn by the end of April versus R6.78bn at the end of June 2025. Gearing at April-end stood at a comfortable 25.1 versus 25.3 at the end of June 2025.
Attacq said its overall net property income is trading on budget for the year to end June 30, while occupancy rates increased to 95.1% from 91.6% the previous year.
The client retention rate is also expected to improve to 93,7% from 84,4% the previous year, while collection rates stood at 100.3% from 100% the previous year.
BUSINESS REPORT