From Creamer Media in Johannesburg, this is the Real Economy Report.

Sashnee Moodley:

Real estate investment trust Growthpoint Properties expects to start construction on the first of two towers of the Olympus development in the coming months, as the company nears the 75% pre-sales mark. Marleny Arnoldi visited the site.

Marleny Arnoldi:

The R2-billion mixed use residential and retail development Olympus, in Sandton, has sold 160 units out of 283 units in the first planned tower, comprising 60% by area and 70% by value, including a R45-million penthouse suite.

The first tower will comprise 22 storeys, including hotel rooms and residential units, a spa, sauna and infinity pool, as well as a Marble restaurant on the eighteenth floor.

Among the value-added offerings of the residential units are turnkey design elements that customers can choose from before start of construction. The same principle will be followed with the second tower of Olympus in due course.

Growthpoint CEO Estienne de Klerk tells Engineering News that the second tower’s units will be adapted according to demand and may be similar or different to that of the first tower. He elaborates on the development so far.

Growthpoint Properties CEO Estienne de Klerk…

Marleny Arnoldi:

The company sees strong demand for residential property in Sandton as a growing economic hub, as well as continued demand for office property. De Klerk tells us more about the market landscape.

Growthpoint Properties CEO Estienne de Klerk…

Marleny Arnoldi:

Growthpoint is involved in another joint venture in the residential space with BlackBrich Hotels and Setso, in respect of the Riverwoods complex in Bedfordview.

The companies converted an existing office property, which used to be Airports Company South Africa’s head office, into residential and hotel units. About 75% of the property’s 163 residential units have been sold, comprising studio, one-bedroom and two-bedroom sized apartments.

The residential units started being occupied in December last year, while the 91 hotel units on the property started operating in May last year.

De Klerk adds his insight on the conversion of office space to residential units as well as the complex’s recreational features.

Growthpoint Properties CEO Estienne de Klerk…

Sashnee Moodley:

That’s Creamer Media’s Real Economy Report. Join us again next week for more news and insight into South Africa’s real economy. Don’t forget to listen to the audio version of our Engineering News daily email newsletter.