Waterfall Estate, located at the nexus of a growing residential and commercial node in Gauteng, last month released the latest – at this stage of development – 300 available stands at the estate, with Waterfall Investment Company CEO Willie Vos high-lighting that the company has exceeded expec-tations as it had expected to reach this stage by 2020.
Vos says the standard leasehold agreement that Waterfall Investment Company has with the banks has contributed to the rapid sale of stands.
A leasehold is a form of land tenure where one party buys the right to occupy land or a build- ing for a given length of time, of which the most common is a 99-year lease with an option to renew.
“In the case of residential houses, the banks were concerned that given our apartheid history, which did not allow black people to own land on a freehold basis – where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time – people would shy away from buying land on the estate.
“This then led to negotiations between Water-fall Investment Company and the banks on a standard lease funding system for all resident owners, which states that owners have a standard lease of their property with an automatic option for renewal should the lease be sold. This suggests that the lease system works for all people in the same form and leaves no room for freehold, which suits all potential buyers equally,” explains Vos.
He points out that the standard lease funding system has worked so well that over 1 000 stands on the estate have been sold, including stands with houses on them and those yet to be built.
Waterfall Estate includes six different residential estates, all of which are aimed at meeting diverse lifestyle types and requirements. These include Equestrian Estate, Waterfall Country Estate, Waterfall Country Village, Waterfall View and two mature living estates – Waterfall Hills and Waterfall Valley.
Vos points out that the purpose of the variety of estates on offer is to give consumers and property owners – no matter what stage of life they are in – the opportunity to experience the benefits of ‘estate living’.
“Larger stands are available for the discerning buyer, as well as more compact housing structures that will appeal to young, single professionals or young families. Of course, in our mature living estates, we have created a range of amenities that make life safe and easy and endow enormous peace of mind,” he says.
Throughout the six estates, a host of amenities have also been developed, which include an equestrian arena and a boutique hotel that is the centrepiece of the estate. Further, a crèche for young children is being built alongside the already established private school, Reddham House. The estate also offers a full Netcare Waterfall City Hospital, a variety of shopping facilities, restaurants and gyms.
“A further key attraction at Waterfall Estate is the Mall of Africa scheduled to open its doors in March 2016. The mall is set to create a destination that is defined by its exciting architecture and boasts a shopping experience for local shoppers and tourists alike – with broadband Wi-Fi coverage throughout, via a fibre-optic cable,” points out Vos.
He mentions that, in 2014, Waterfall Estate will be responsible for creating 15 000 jobs for South Africans. Throughout the construction phase, Vos adds that about 50 000 people will be employed; in the operational phase, 95 000 jobs will be created; and when all development is done, the estate will create about 65 000 permanent jobs.
“Waterfall Estate offers developers and planners the opportunity to create what will eventually become a new ‘green’ city, which has been developed from a completely clean slate, all in accordance with a contemporary urban design and approved planning principles – strongly promoting an integrated live-work-play environment that is ecologically sensitive and provides an exceptional quality of life. The development is extraordinary in the sense that it is unaffected by the constraints of ‘older’ developments and existing infrastructure.” concludes Vos.