Growthpoint is broadening its investment portfolio beyond Cape Town, unveiling plans for a lavish R2 billion-plus twin-tower residential development in Sandton, situated directly across from Discovery’s headquarters.

This initiative marks the company’s first substantial apartment venture in Sandton, carried out in collaboration with Tricolt, a leading luxury apartment developer.

Read: Exclusive: The V&A Waterfront’s bold plan for Granger Bay

The ambitious Olympus Sandton project will comprise a 26-storey tower and a 16-storey tower, complete with retail spaces and parking on the ground and basement levels.

This signifies Growthpoint’s most extensive new development in Sandton since the Discovery headquarters was inaugurated in 2018, in alliance with Zenprop.

Sales for more than 400 apartments are already underway, with an on-site sales office. The official launch of the development is set for late February.

Olympus Sandton is designed as a mixed-use property, combining residential, retail, and leisure spaces, and will feature a remarkable Marble restaurant.

The Joburg-based Marble Hospitality Group has recently inaugurated a large Marble restaurant atop the Union Castle heritage building at Cape Town’s V&A Waterfront, a development co-owned by Growthpoint and the Government Employees Pension Fund (via the Public Investment Corporation).

Sandton Summit

Olympus Sandton forms part of Growthpoint’s Sandton Summit mixed-use precinct, which is being developed on significant properties owned by the group surrounding the Discovery building in South Africa’s financial hub.

Moneyweb initially revealed the group’s extensive plans for the new multi-billion-rand precinct back in 2019. Sandton Summit is set to include office, retail, residential, hospitality, and leisure properties as part of its commercial offerings.

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“This investment aligns with Growthpoint’s vision to create South Africa’s premier walkable mixed-use precinct, leveraging Sandton’s status as Africa’s foremost financial center,” the group stated in a release to Moneyweb.

“For over a decade, Growthpoint has been executing various facets of the Sandton Summit vision, and Olympus Sandton signifies its first venture towards accommodating the increasing demand for residential units in Sandton Central.

“Sandton Summit is located at the summit of the Sandton ridge, the highest point in the area.

“Although Olympus Sandton’s 26-storey tower will not be the tallest in the area, it will become the highest in Sandton, offering unparalleled views of Johannesburg and beyond,” Growthpoint emphasized.

The group confirmed that the over R2 billion development will consist of two towers, with the taller 26-storey structure being the first phase, and construction expected to commence in the latter half of 2025.

The second tower (phase two) will feature “at least 16 storeys,” suggesting it could be taller if demand increases.

“Sales for the development’s more than 400 residential units have commenced, with a public launch scheduled for 27 February 2025, and prices starting at R1.49 million,” they added.

As stated on Tricolt’s website, Olympus Sandton includes penthouses priced from R14.25 million to R100 million.

Tricolt has been associated with significant luxury apartment projects in Joburg, including The Houghton and Ellipse Waterfall in collaboration with JSE-listed Attacq at Waterfall City.

‘Reawakening’ the powerhouse

“We believe the unveiling of the Olympus Sandton development is perfectly timed for the revitalization of Sandton Central,” commented Neil Schloss, head of asset management at Growthpoint Properties SA.

“This aligns with Sandton’s swift transformation into a lively neighborhood as it adapts to the desire of individuals wanting to live closer to workplaces and amenities, providing an exceptional mix of residential, office, retail, and other property types.”

According to Growthpoint, this project is just one among several aimed at enhancing the accessibility of Sandton Central for individuals, businesses, and the environment.

“Olympus Sandton’s striking and innovative design complements its prominent position in the Sandton skyline. It was developed through collaboration between the Australian architectural firm ClarkeHopkinsClarke and one of South Africa’s leading architectural practices, dhk Architects, and will be jointly developed by Growthpoint and Tricolt,” they specified.

Together, Growthpoint and Tricolt will hold ownership of the two retail spaces within the development.

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