By Loxion News | Gauteng
The Chairperson of the Public Investment Corporation (PIC), David Masondo, has praised Waterfall City as a leading example of long-term, high-quality investment in South Africa’s urban future.
Masondo conducted a strategic oversight visit to the Midrand-based mixed-use development, describing it as a model for building modern, sustainable, and economically vibrant cities
Multi-Billion Rand Investment Driving Growth
The Waterfall precinct is owned by the Attebury Waterfall Investment Company (AWIC), with a 70% stake held by Attacq Limited and 30% by the Government Employees Pension Fund (GEPF).
The PIC, acting on behalf of the GEPF, has invested approximately R2.7 billion into the development.
The investment currently supports nearly 23,000 jobs, underlining its economic significance in Gauteng.
A Model for Integrated Urban Development
Hosted by AWIC, the visit allowed Masondo to engage directly with one of Gauteng’s most dynamic urban developments.
Waterfall City combines:
- Commercial spaces
- Residential developments
- Retail hubs
- Green infrastructure
…into a single, integrated ecosystem.
“Waterfall City reflects the kind of scale, vision and execution that South Africa needs,” said Masondo.
Boosting Economic Infrastructure
Masondo highlighted the importance of large-scale developments in strengthening South Africa’s economic infrastructure, attracting investment, and creating spaces where both businesses and communities can thrive.
He noted that the PIC prioritises investments that are:
- Resilient
- Well-governed
- Capable of delivering long-term value
Supporting Inclusive Growth and Transformation
Beyond flagship developments like Waterfall City, the PIC’s broader property portfolio includes investments in:
- Affordable housing
- Inner-city regeneration
- Emerging and black property developers
Masondo emphasised that transformation is a core component of the PIC’s investment strategy.
“Transformation is not an afterthought; it is built into how we invest,” he said.
Balancing Financial Returns with Social Impact
The PIC’s investment approach aims to strike a balance between financial sustainability and socio-economic development.
As custodians of public servants’ pensions, the organisation focuses on building a diversified and forward-looking portfolio that contributes to economic inclusion.
Nationwide Oversight Visits Planned
The Waterfall City visit marks the first in a series of oversight engagements planned across South Africa over the next three months.
These visits are intended to reinforce the PIC’s commitment to:
- Accountability
- Transparency
- Delivering meaningful economic impact
A Vision for South Africa’s Urban Future
As South Africa continues to urbanise, developments like Waterfall City are seen as critical to shaping the country’s future cities-offering a blueprint for sustainable growth, investment, and inclusive development.
