Construction on a new 20-storey, 70,000 square metre development in Sandton is progressing slowly, but will offer luxury apartment living once completed in early 2019.
The ‘Acsiopolis’ is an upmarket residential and retail development currently under construction on Benmore road in Sandton.
Property group Acsion have invested R1.2 billion into the development, and are expecting to have construction completed by early 2019.
The development kicked off in 2015, and has been progressing slowly – though according to plan, Ascsion said – with the location experiencing some flooding early on on the build.
However, it has now progressed beyond basement construction, with five parking levels having been completed, while the rest of the development now exceeds ground level.
Ultimately, approximately 35,000 square metres will be used for ‘executive apartments’, while 26,000 square metres of space will be allocated for short-term rentals, Acsion said.
5,000 square metres will be used for retail purposes and a further 1,000 square metres will go towards office space.
Added to this will be six levels of underground parking some of which will be on-grade parking to cater to the retail section for shopper convenience.
The development will be on one hectare of property, located adjacent to Crawford College Benmore and in close proximity to Varsity College Benmore.
Dr Andrew Golding, chief executive of the Pam Golding Properties group, believes that the development of the Sandton city centre, and the fact that ‘Africa’s Wall Street’ remains the place in the country to do business, has assisted to provide strong support to the local economy, as well as the residential property market in the area.
An estimated 10,000 businesses and head offices are to be found in the centre and it is home to the busiest Gautrain station, he said.
The continued demand for accommodation has created a situation where densification is becoming increasingly evident, Pam Golding said.
This has resulted in the development of large high-rise executive apartment blocks such as Michelangelo and Sandhurst towers. In some instances, more wealthy individuals own family properties in upmarket Gauteng suburbs or on the Atlantic Seaboard and own a second home within the Sandton city centre, which they use during the week.
“We are seeing a growing demand for apartment properties enabling a highly convenient ‘live, work and play’ lifestyle. Residents want to be able to live free of concerns, and while easily taking advantage of the café street lifestyle and commercial opportunities offered within the greater Sandton area.
“Luxury serviced apartments, offering a wealth of amenities including concierge services, air-conditioning, outstanding security, high quality fittings, fitted kitchens, basement parking, meeting rooms, high speed internet, health spas and gyms, are currently proving particularly popular,” the property group said.< Back to Developments