WATERFALL NAMED WORLD’S BEST MIXED-USE DEVELOPMENT FOR THIRD CONSECUTIVE YEAR
At the annual ‘World’s Best’ International Property Awards ceremony held at the iconic Savoy Hotel in London on 2 December, Waterfall Management Company was awarded Best International Mixed-use Development 2019-2020 for the Waterfall development.
It is the third consecutive year that Waterfall has achieved this international recognition, beating five of the best mixed-use developments in Asia Pacific, Dubai, Europe, the United Kingdom and America to the top spot this year – emphasising the world-class quality of this magnificent mixed-use development that continues to take shape on local soil.
Over and above scooping this prestigious international accolade, Waterfall was also named Best Mixed-use Development in Africa for the sixth year running.
The International Property Awards, now in their 27th year, celebrate the very best projects and professionals in the industry worldwide, covering the regions of Asia Pacific, Africa and Arabia, Europe, USA and the Americas, as well as the UK. Over the past year, a panel of over 80 expert judges studied and assessed thousands of entries from 115 countries, focusing on design, quality, service, innovation, originality, and commitment.
Willie Vos, CEO of Waterfall Management Company, said; “Successfully rolling out a development of this scale takes careful planning and consideration, which includes the coordination of a number of companies, authorities and people. As a broader team, we are not only all passionate about being part of this world-class development, but are also eager to showcase South Africa’s property talent on an international stage – which drives our appetite to enter these awards each year. I know that I speak for everyone involved in the Waterfall development when noting how proud we are to have received these top international honours yet again – it is proof that what we are doing here is really outstanding.”
Waterfall Management Company is the Property and Asset Management Company of the Waterfall land. Waterfall Management Company has been working with developers and investors since 2004, to create the largest mixed-use development in Africa. Each year sees the development expand, offering more top-notch facilities to its residents, commercial tenants, visitors and communities in the surrounding area, making Waterfall a truly remarkable city within Gauteng. It is a modern development that takes into consideration unique design aesthetics to ensure Waterfall lives up to the development’s goal of offering integrated live-work-play environments that provide unsurpassed quality of life in a vibrant urban setting.
The Waterfall development is presently only 34% complete, with over 1.6 million square metres of Gross Leasable Area (GLA) still to be developed. While 15 000 residents already call it home and 24 000 people work there every day, it is estimated that by completion in 2027, the development will combine 28 000 residential units housing an estimated 80 000 people, with approximately 2.5 million square metres of GLA for commercial and office space, which will accommodate a further 80 000 people.
The current estimated developed value of Waterfall is approximately R100 billion, where upon completion, the development will have created close to 85 000 job opportunities. Waterfall in its entirety is also already responsible for contributing towards the City of Johannesburg – in terms of rates and taxes – to the value of close to R300 million per year. Based on projected planning, this figure is expected to reach over R1 billion per annum by the time the development is completed.
“Being named the world’s best mixed-use development for a third time in as many years, is overwhelming and very exciting for us. On behalf of the Waterfall Management Company and its shareholders, I would like to thank and congratulate everyone involved in this development, including the individual residential investors, as everyone has played a key role in contributing to this accomplishment. We are looking forward to 2020 and the further progress planned for Waterfall, where the future is very bright,” concludes Vos.