Attacq to add R500m apartment development - The Mix - at Mall of Africa

ATTACQ would consider more residential developments at Waterfall City in partnership with Cape Town-based developer DTE Properties, depending on the sales uptake of the 400-unit The Mix, Attacq’s chief development officer Giles Pendleton said.

Attacq and DTE yesterday, in a 50/50 joint venture, launched the R500 million The Mix, which will extend about 13 storeys, just adjacent, but linked to Attacq’s Mall of Africa in Waterfall City.

Attacq’s chief development officer Giles Pendleton said in a presentation yesterday that 70 percent of the studio, one and two-bedroomed units, to be priced from R1m to R2m, would need to be sold before construction began, but they expected that all the units would be sold in four to six months.

DTE director Robin Magid said the development would be distinctive from other new residential developments. Aimed primarily at millennials and young professionals, he said The Mix aimed to embrace the typical lifestyle of millennials, which revolved around social activities and where an apartment was more of a place to sleep, and owning a unit at The Mix would effectively be like owning sectional title in a hotel.

There would be concierge services, a car park space, ground-floor deli, a locker system that could be heated or cooled, according to what delivery was being made, laundromat, gym and yoga facilities, pool deck, amphitheatre, work stations and sweeping views from the balcony of each apartment.

The average apartment size would be 41m2, with the initial selling prices at an average R37 000 per square metre (m2). The smaller unit would average 25-26m2 with an 8m2 balcony.

Pendleton said that the residential development was the next step in their development of Waterfall City.

Magid, a former chief executive of Investec Property, said DTE had launched a R600m apartment development in Sea Point, Cape Town, in March in a joint-venture with another Cape Town-based developer, Berman Brothers Group.

Attacq’s first high-rise residential development in Waterfall City is the Elipse, which is aimed at a higher income market than The Mix development.