Massive new R2 billion ‘Olympus’ development coming to South Africa

South Africa’s leading real estate investment trust, Growthpoint Properties, has announced that it is commencing a R2 billion residential and retail development, Olympus Sandton.

“This strategic investment aligns with Growthpoint’s vision to create South Africa’s premier walkable mixed-use precinct, capitalising on Sandton’s status as Africa’s leading financial district,” said the company.

The over R2 billion Olympus Sandton, which will be done in partnership with luxury residential developer Tricolt, will be situated in the mixed-use Sandton Summit precinct positioned near the Discovery Head Office, at the intersection of Rivonia Road and Sandton Drive.

Growthpoint has been rolling out different elements of the Sandton Summit vision for over a decade now, and the company said that the Olympus Sandton is its first development positioned to capture the increased demand for residential property in Sandton Central.

It was created through collaboration between Australian architectural practice ClarkeHopkinsClarke (CHC) and one of South Africa’s foremost architectural studios, dhk Architects.

The Olympus Sandton development will comprise two towers and construction is estimated to start in the latter half of 2025.

The initial phase of the project on Rivonia Road will involve constructing a 26-storey residential tower. This phase promises a dining venue by Marble Hospitality Group situated on one of the higher floors, along with a Pantry convenience store in prime retail space on the ground level.

The subsequent phase will introduce a tower with a minimum height of 16 storeys, positioned to the east of the first building.

The sale of the development’s more than 400 residential apartments by Tricolt has commenced and will launch to the public on 27 February 2025, with prices starting from R1.49 million.

Together Growthpoint and Tricolt will retain ownership of the two retail sections of the tower.

Sandton Summit is situated at the crest of Sandton Ridge, which is the highpoint of the area.

Olympus Sandton’s 26-storey tower, although not the tallest building in the area, will become the highest in Sandton, offering great views of Johannesburg and beyond. 

Neil Schloss, Head of Asset Management South Africa at Growthpoint Properties, said that “commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton Central, and aligned with its accelerated transformation into a vibrant neighbourhood.”

“It evolves with the trend of people wanting to live closer to workplaces and amenities, to offer an exceptional mix of residential, office, retail and other types of properties,” added Schloss.

The design of Olympus Sandton is said to incorporate advanced sustainable building practices.

This includes post-tension slabs and smart energy management systems, aligning with Growthpoint’s environmental, social and governance commitments, including its 2050 carbon-neutral goal.

“Pedestrianised mixed-use precincts have tremendous environmental benefits, particularly when they are so well located, by reducing carbon emissions as a result of less private vehicle travel and traffic,” said Schloss.

“Olympus Sandton is the next step in bringing our vision for Sandton Summit to life and delivers on our commitment to creating sustainable developments that deliver exceptional amenities for their uses and long-term value for our stakeholders,” he added.

Growthpoint’s Head of Asset Management for Offices, Timothy Irvine said that “Sandton is experiencing a significant revival,” and this development will further propel it.

Irvine said that after years of downsizing, companies are now reinstating and expanding their office spaces as return-to-office practices become standard.

He added that Sandton is evolving to meet rising demand by enhancing office spaces and integrating more living and communal areas, cementing its status as more than just Africa’s leading financial district.

This will not be the first mixed-use development that Growthpoint will dabble in. The best-known mixed-use asset in Growthpoint’s investment portfolio is the iconic V&A Waterfront, of which Growthpoint is a 50% owner.

Schloss said that “Olympus Sandton exemplifies Growthpoint’s strategic approach to unlocking maximum value from prime real estate assets through thoughtful market-aligned development that improves our portfolio and progresses our sustainability goals.”

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