Residential property developer Tricolt and JSE-listed real estate investment trust Attacq on Wednesday launched the first phase of a high-rise residential project, called Ellipse, in Waterfall City, Midrand.

The project, which involves the development of four residential buildings, broke ground about a week ago and the first phase will take about 18 months to complete.

However, 80%, or 218 units, of the 272 apartments in the two towers that are being built in the R562-million first phase of the mixed-use luxury project have already been sold, Tricolt CEO Tim Kloeck said.

The luxury towers were designed in elliptical shapes, hence the name of the precinct, and the first two towers, called Newton and Kepler, are 10 and 11 storeys high, respectively. The towers will be completed during the first half of 2021.

The precinct will have active and relaxation parks, exercise and relaxation swimming pools, a gym and an outdoor running track. Further, each tenant will have access to the Luno club, which will feature a club house, private dining rooms and entertainment areas – with access to chefs and catering – that residents can use.

The precinct is within walking distance of the Netcare Waterfall City hospital, the Mall of Africa and the amenities of the Waterfall City precinct, which include schools, crèches, public transport routes and high-end security systems and camera networks.

The second phase development – the construction of the flagship 16-storey Cassini tower – will be completed about nine months after the completion of the first phase.

The third phase of the project will entail the construction of the 12-storey Galileo tower and will be completed nine months after Cassini.

“The towers are named after scientific visionaries. The design of the four towers is aimed at providing residents with good views from every apartment,” said Kloeck.

The 17 000 m² project is proceeding well, with 16 000 m³ of the 32 000 m³ bulk earthworks already done.

Attacq chief development officer Giles Pendleton emphasised that the company had required a developer that could meet the high standards and consistent quality work required to build the modern, internal design of the luxury apartments.

Attacq would also start building medium-density residential properties, as it believed that it had achieved critical mass with its commercial and retail developments in the Waterfall precinct, he said.

About 60% of the sales by value were to investors, but the remaining 40% of sales are to individuals and families who want a modern lifestyle, luxury and security, said Kloeck.

The joint venture partners expected sales for the remaining phases to also be strong. The success of the commercial and industrial components of the Waterfall precinct bolstered the demand for the residential properties and would round out the Waterfall City precinct to serve its intended purpose as a mixed-use, modern lifestyle development.