The popular Waterfall City estate in Midrand, Johannesburg, will be getting a R350 million boost in investment as it guns to become a Smart City.
The Waterfall City Management Company (WCMC), a property, asset and operational manager for Waterfall City, said yesterday that the investment of R350m that it pledged at the fifth South African Investment Conference held in Johannesburg last year would contribute noticeably to the economy of Gauteng, in particular, and the country in general.
Willie Vos, the CEO of Waterfall City Management Company, said the investment was important as it demonstrated trust in the management abilities and infrastructure development capacity of WCMC in terms of the Waterfall City development.
Vos added: “The investment is significant as it is going to contribute to the economy of the province and the country as it increases the property value. While the investment increases the property value, it leads to the City of Johannesburg receiving more rates and taxes.
“Importantly, the province now has more and better infrastructure, and more job opportunities were created through the investment. It also increases trade in the Midrand area.
“This pledge consisted of the remainder of a DHL Warehousing Solutions warehouse that has subsequently been completed as well as several residential units that were also all completed. It created jobs, logistics infrastructure and homely environments for people. The roll-out of the investment took place in 2022 and 2023,” Vos said.
With a staff complement of 37, Vos pronounced that Waterfall City had set itself a goal to become a Smart City so admired, safe and sustainable that there was no better place to live, work, play and prosper in South Africa.
WCMC has been working with developers and investors since 2004 to create the largest mixed-use development in Africa.
BUSINESS REPORT