Attacq’s Waterfall Aspire sells 60% of units before construction

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26-11-2025
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Business Day
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Strong demand reflects growing appetite for luxury living

Attacq’s residential development project in Waterfall City, Aspire, has recorded strong sales, with 131 units sold off plan — more than 60% of those on the market.

The strong demand reflects a growing appetite for luxury living, lowering development risk and highlighting the potential of the group’s commercial and mixed‑use projects, it said in its preclose update for November.

The group has also completed the final phase of construction at Ellipse, a luxury apartment development in Waterfall.

“Attacq continues to pursue a focused, phased development strategy centred on Waterfall City. Total development activity amounts to approximately R1.9bn, with an effective exposure of R1.1bn. The projects span residential developments, logistics facilities, office and commercial space, as well as precinct infrastructure improvements,” the group said.

Its overall portfolio occupancy remains robust at 92.6%.

Trading across the portfolio is on the up, with rolling 12-month trading density growth hitting 4.8%. The figure points to stronger performance from retail tenants, who are generating higher turnover compared with last year, it said.

Cash collections remain robust at just more than 100%, while income from non‑gross lettable area sources, including parking, advertising, rooftop solar and value‑added services, grew more than 16% to R11.6 m in the first four months of the year.

“Bulk infrastructure rollouts — such as electrical and water upgrades — are under way to support future developments. These infrastructure projects are critical because they enable Attacq to deliver upcoming developments efficiently and to attract new tenants," the group said.

Gross interest‑bearing debt stands at about R6.94bn. Of this, about 85% is hedged, meaning the company is protected from most interest‑rate volatility. The weighted average cost of debt is below 9%.

Available liquidity stands at about R1.3bn, giving the group the flexibility to navigate market conditions while continuing to fund its development pipeline, it said.

It is investing in both energy and water security. Across its portfolio, it has installed 3.2-million litres of water‑backup capacity, with a further 3.9-million litres being rolled out, ensuring that the buildings remain functional during municipal outages or interruptions.

The group expects to maintain stable earnings and strengthen its role as a leading property developer and precinct manager in South Africa if leasing performance, development execution and financial discipline continue, it said.