Property Flash


At the annual World’s Best International Property Awards ceremony held at the iconic Savoy Hotel in London on February 2, Waterfall Management Company was awarded the Best International Mixed-use Development 2022-2023 prize for Waterfall City.

This is the fifth time in six years that Waterfall City, located in Midrand has beaten different mixed-use developments to claim the top spot. This year’s nominees included mixed-use developments in Cyprus, Brazil, Qatar and Hong Kong. The entries were judged based on criteria ranging from design layout and quality, architecture, services and security, as well as originality, marketing and commitment to sustainability.

Waterfall City was also awarded Best Mixed-use Development in Africa for the eighth time.

The International Property Awards, now in their 31st year, celebrate projects and professionals in the industry across 45 residential and commercial categories. Awards are split into four sectors: architecture, development, interior design and real estate, across nine regions drawn up for the awards. These regions are Africa, Asia Pacific, Arabia, Canada, Caribbean, Central and South America, Europe, UK and the US.

Over the past year, a panel of over 90 judges studied and assessed more than 2000 entries from 126 countries and then picked the winners.

Willie Vos, CEO of Waterfall Management Company, said the Waterfall City had taken careful planning, investment, management and courage to put together

“Building a world-class smart city of this nature is certainly no small feat. It takes a concerted and cohesive effort, with all role players and stakeholders moving in unison in the same direction to realise the vision and honour the values that are fundamental to every aspect of Waterfall City. Reclaiming the title of Best International Mixed-use Development is just reward for our continued efforts and something we are extremely proud of. We are honoured to receive this international recognition which once again puts Waterfall City and South African property development on the world stage,” he said.

Waterfall Management Company is the property, asset and operational management company for the Waterfall City land and has been working with developers and investors since 2004, to create the largest mixed-use development in Africa.

Not even half complete yet, Waterfall City still has more than 1.6-million square metres of Gross Lettable Area (GLA) to be developed. By completion, it is estimated that Waterfall City will combine 28 000 residential units housing approximately 80 000 people, with about 2.5-million square metres of GLA for commercial and office space, accommodating another 95 000 people. The current estimated developed value of Waterfall City is R100bn.

It includes Mall of Africa, numerous housing developments, industrial and office complexes.

While 24 000 people are employed on the development, it will have created close to 85 000 job opportunities upon completion. Waterfall City has contributed more than R700m in rates and taxes per year towards the City of Johannesburg. This figure will exceed R1.5bn per annum by the time the development is completed.

“Each year, I am amazed by what we have been able to achieve at Waterfall City. This progress is only possible due to the commitment and hard work of a dedicated team. I am honoured to form part of this team and extend my thanks and congratulations on this award to everyone involved, including my colleagues, all our role players, partners, shareholders and individual residential investors. With big plans already set for 2023, we look forward to the year ahead and the continued success of world-class Waterfall City,” said Vos.

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