https://en.sputniknews.africa/20241125/south-african-developer-to-invest-11-billion-in-expanding-its-smart-city-project-ceo-says-1069407361.html
South African Developer to Invest $1.1Bln in Expanding Its Smart City Project, CEO Says
South African Developer to Invest $1.1Bln in Expanding Its Smart City Project, CEO Says
Sputnik Africa
The expansion of the Waterfall City hub project of South African developer Attacq will include more office buildings, residential areas, hotels and leisure... 25.11.2024, Sputnik Africa
2024-11-25T16:52+0100
2024-11-25T16:52+0100
2024-11-25T22:07+0100
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South African property group Attacq plans to invest 20 billion rand ($1.1 billion) in further developing its hub, located near Johannesburg, Waterfall City, which is, according to the company's website, the world's best mixed-use development, Chief Executive Officer Jackie van Niekerk told a Western media. The investment plan comes amid concerns about municipalities' inability to provide basic services as well as about decaying public infrastructure in South Africa, while Attacq is already providing some essential services such as roads and solar power construction within the Waterfall City development to ensure a smart, safe and sustainable city, the report noted. In 2023, Attacq signed an agreement with the Government Employees Pension Fund (GEPF), South Africa's largest pension fund, which acquired a 30% stake in the group, thus allowing the developer to pay down debt and reduce its gearing ratio through investment, reports said.
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south africa, johannesburg, southern africa, construction, development, infrastructure, investment
south africa, johannesburg, southern africa, construction, development, infrastructure, investment
South African Developer to Invest $1.1Bln in Expanding Its Smart City Project, CEO Says
16:52 25.11.2024 (Updated: 22:07 25.11.2024) Alla Shukanova
Writer / Editor
The expansion of the Waterfall City hub project of South African developer Attacq will include more office buildings, residential areas, hotels and leisure facilities, and further infrastructure development within the project, the CEO explained.
South African property group Attacq plans to invest 20 billion rand ($1.1 billion) in further developing its hub, located near Johannesburg,
Waterfall City, which is, according to the company's website, the world's best mixed-use development, Chief Executive Officer Jackie van Niekerk told a Western media.
The investment plan comes amid concerns about municipalities' inability to provide basic services as well as about decaying
public infrastructure in South Africa, while Attacq is already providing some essential services such as roads and solar power construction within the Waterfall City development to ensure a smart, safe and sustainable city, the report noted.
In 2023, Attacq signed an agreement with the Government Employees Pension Fund (GEPF), South Africa's largest pension fund, which acquired a 30% stake in the group, thus allowing the developer to pay down debt and reduce its gearing ratio through investment, reports said.
