Demand for the new luxury residential development by Growthpoint Properties in the heart of Sandton has exceeded expectations, with 60% of the units already off the market.
The property company said construction of the luxury Olympus Sandton twin towers, at a cost of R2bn, would commence within the next few months as many individuals and investors had shown interest.
Located at the intersection of Rivonia Road and Sandton Drive, just across from insurance and health giant Discovery’s head office, the properties will feature studio apartments selling from R1.5m and ultra-luxurious penthouses that will fetch up to R45m.
Property development agent Andrew Cripps said three penthouses had been sold, including one of the most expensive in the twin towers. “The largest penthouses that will be built will be 900m2 on our top floor. We have already sold one of those, and we have another on sale.”
Olympus Sandton is a joint venture between Growthpoint and luxury property developer Tricolt, and was launched in December. While Growthpoint has embarked on large developments before, this is the biggest residential project it has undertaken, especially in Sandton.
The best-known mixed-use asset in Growthpoint’s investment portfolio is the V&A Waterfront, of which the developer is a 50% owner. It also owns several other precincts and parks such as the Longkloof precinct in Kloof Street, Cape Town.
The first tower is expected to be a 22-storey building, giving occupants a 360-degree view of the Johannesburg skyline. From the ground floor to the 17th floor, the property would feature hotel-style studio apartments, popular with investors who had intentions of renting them out, Cripps said.
From the 19th floor upwards, the plan is for one- and two-bedroom apartments. People are buying them for their own use. “We have more than 200 units in this one tower, and we’ve sold close to 160 already. We're already looking at the trends in terms of what is selling faster,” he said.
Amenities will include a full Marble restaurant on the 18th floor, a Pasty pantry, an infinity pool, a spa, a steam room and a gym. Residents, who will be across the road from Sandton City, will have direct access to the shopping mall.
Neil Schloss, head of local asset management at Growthpoint, said the initial plan was to build one tower but due to high demand, both towers might be built at the same time. “We believe that commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton central.”
He noted there was a trend “to live closer to workplaces and amenities”, and the development would offer a mix of residential, office, retail and other types of properties.
Schloss said Olympus Sandton exemplified Growthpoint's approach to unlocking value from prime real estate assets.
Since 2022, there has been growing demand for residential properties in the Sandton CBD, with more people seeking to live closer to work. In December, Growthpoint sold its office building — No 151 on 5th Street — to a developer who is planning to convert it into residential units.
Growthpoint South Africa CEO Estienne de Klerk said an interesting mix of tenants was looking to buy these properties. “We have the traditional investors you see buying into such developments, but we also have attorneys and bankers, that calibre of people. These are people who work in the area and want something close to work,” he said.
Buyers included foreign nationals and there was interest from the US. “There has also been a growing trend over the last year or so, where African-Americans are coming to South Africa. They're not just buying properties for holidays but to stay. These are some of the buyers we have as well.”
Tricolt has already commenced public sales of the properties.
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