Waterfall City, a thriving business hub in northern Johannesburg, continues to attract international companies, with global giants like Bayer, Siemens, Nokia, and Organon setting up operations in the area. Developer Attacq, the driving force behind Waterfall City, has announced plans for several new developments worth R2.75 billion, further cementing the precinct’s status as a premier destination for businesses and residents alike.
Global Companies Flock to Waterfall City
In the latter half of 2024, Attacq welcomed several high-profile international companies to its ‘collaboration hubs’ in Waterfall City. These include:
- Bayer: A German-based pharmaceutical giant.
- Siemens Energy: A global leader in energy technology.
- Nokia: A Finnish telecommunications company.
- Organon: A US-based healthcare company.
The influx of these global players has driven the occupancy rate of collaboration hubs to 89.5%, up from 87.7% in the previous period.
On the retail front, Waterfall City has also attracted major brands like Italy’s United Colors of Benetton and France’s Decathlon, further diversifying its offerings and enhancing its appeal as a mixed-use precinct.
New Developments on the Horizon
Attacq has unveiled ambitious plans for Waterfall City, with a capital expenditure of R2.75 billion earmarked for several projects over the next decade. Key developments include:
- Gateway East: An 11,700 sqm office development near Mall of Africa, featuring a 1,500 sqm ground-floor restaurant area.
- Data Centre: A 10,000 sqm facility to meet the growing demand for cloud and AI computing.
- Waterfall City Conference Centre and Hotel: A 15,000 sqm venue for events and hospitality.
- Logistics Developments: Two client-driven projects totaling 106,000 sqm, alongside a 20,000 sqm speculative logistics development.
Attacq CEO Jackie van Niekerk noted that while the developments are planned over a decade, they could be completed sooner if market conditions improve.
Residential Growth: Aspire Waterfall City
Following the success of the Ellipse Waterfall residential development, Attacq plans to launch Aspire Waterfall City by Q4 FY25. This 19-story, 217-unit residential tower will feature a mixed-use component and be integrated into the Mall of Africa precinct. Attacq holds a 25% interest in this build-to-sell project.
Addressing Water Challenges
In response to growing water security concerns, Attacq is scaling up its backup water capacity. By 2026, all of its assets will have backup water supplies lasting between 2 to 5 days, ensuring resilience across its portfolio.
Strong Financial Performance
Attacq’s development plans come on the back of a strong financial performance. Key highlights include:
- Distributable income per share: Increased by 49.1% to 55.0 cents.
- Dividend per share: Rose by 46.7% to 44 cents.
- Earnings per share: Surged by 169.4% to 100.2 cents.
- Headline earnings per share: Jumped to 53.7 cents, up from -3.3 cents in the previous period.
The group expects full-year distributable income per share to grow by 24% to 27%.
Waterfall City’s rapid growth and appeal to global companies underscore its position as a leading business and lifestyle hub in South Africa. With Attacq’s ambitious development plans and commitment to sustainability, the precinct is poised for even greater success in the years ahead.
As international giants like Bayer, Siemens, and Nokia continue to invest in Waterfall City, Johannesburg’s northern corridor is set to become a beacon of innovation, collaboration, and economic growth.