From Creamer Media in Johannesburg, this is the Real Economy Report. Providing capital growth fund Attacq with a 15-year project pipeline, the Waterfall City mixed-use development, in Midrand, has attracted a suite of corporates looking to consolidate their satellite centres into a single Gauteng foothold. Engineering News’s Natalie Greve recently explored the developing 2 200 hectare estate to chart its progress.
Natalie Greve:
Raising the corporate profile of the Waterfall City mega-development, companies such as Massmart, PwC, Novartis, Cummins, Schneider, Cipla, Honda, Cell C, Group 5, Premier Foods, Covidien, Westcon, Altech and Servest have committed to establishing – or have already established –head offices within the estate.
Attacq CEO Morné Wilken told journalists during a recent tour of the that the fund aimed to develop an integrated, mixed use development rather then encourage the construction of independent, stand-alone business headquarters.
Attacq CEO Morné Wilken:
Natalie Greve:
According to Wilken, companies relocating to the development cited its high visibility, central location, infrastructure and advanced architecture in Waterfall as key drivers of their decision.
Others pointed to the development’s location, which they felt provided a convenient springboard between Gauteng metropoles Johannesburg and Pretoria as well as the existence of the free-flowing Allandale offramp off the N1 highway, which mitigated traffic congestion challenges seen around other mixed-use developments.
Attacq CEO Morné Wilken
Natalie Greve:
Waterfall City would be anchored by the 131 000 m2 Mall of Africa, which was due to open in April next year.
Shannon de Ryhove:
Other news making headlines this week: President Jacob Zuma says legislative changes will be supportive of offshore oil and gas drilling; the Southern African Institute of Steel Construction says the protection of locally produced structural steel is paramount; and South Africa’s Chamber of Mines says Mining Phakisa can help unlock mining and exploration investment.
President Jacob Zuma says the finalisation of the Mineral and Petroleum Resources Development Act Amendment Bill will assist the country to accelerate offshore oil and gas exploration.
President Jacob Zuma
Steel construction industry body the Southern African Institute of Steel Construction says that local designation is the industry’s most effective tool when protecting the local steel construction industry against imported fabricated structural steel.
Saisc industry development executive Kobus de Beer
The Chamber of Mines has expressed optimism that the upcoming Mining Phakisa Laboratory, scheduled for October, will enable South African mining stakeholders to begin tackling prevailing impediments to mining and exploration investment and address issues undermining the competitiveness of the sector.
President Jacob Zuma
That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy.