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Five times in the past six years, Waterfall City has been recognised as the Best International Mixed-use Development. The largest mixed-use complex in Africa was created by WMC in collaboration with investors and developers as early as 2004.
Multi Award winning WMC – keeps Africa on the map
In February 2023, Waterfall City also won the title of Best Mixed-use Development in Africa for the seventh time. In October 2022 in Dubai, Waterfall City received the same award for the eighth time as Best Mixed-use Development in South Africa.
Willie Vos, CEO of Waterfall Management Company, believes the awards the company has received over the years showcase “superior property performance and quality management,” and act as an affirmation to future residential buyers and corporate tenants.
Vos stated that being named Best International Mixed-use Development for 2017/2018 was a watershed moment in South Africa’s global development reputation. ‘Professionals worldwide suddenly took note of South Africa’s ability to build world-class developments worthy of international recognition and this was a huge milestone achievement for us,’ Vos added.
Vos believes that awards like these contribute to making Waterfall City the living, business, and leisure destination of choice but that there are pressures that come with it.
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The pressure
Talking about the pressure to maintain the award-winning standards that have been established, Vos stated: ‘Building a world-class smart city of this nature is certainly no small feat. It takes a concerted and cohesive effort with all role players and stakeholders moving in unison in the same direction to realise the vision and honour the values that are fundamental to every aspect of this development.’
International property awards have certainly encouraged international companies to move their head offices to Waterfall City. And while winning a renowned real estate award can affect a developer’s business in a positive way, there are some negative impacts to consider as well.
The real effect on business
Positive impacts:
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Increased prestige and reputation: Receiving an award can boost your brand’s reputation and prominence, particularly if the award is well regarded and respected in the sector. This can lead to more credibility and trust from potential customers, investors, and partners.
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Increased publicity and exposure: Winning an award may result in media coverage and greater exposure for your project, which may raise knowledge of and interest in your company.
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Competitive advantage: Receiving an award might offer you a leg up on other developers in your field, especially if it highlights a particular feature that makes your development stand out.
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Increased revenue: Gaining recognition through an award can enhance sales and revenue since clients are more likely to choose a company with a successful track record.
Negative impacts:
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Increased expectations: After receiving an award, there may be high expectations for subsequent projects that are challenging to meet or exceed a certain standard.
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Higher costs: To preserve and capitalise on the reputation of the prize, winning may necessitate additional investment in marketing, events, and other endeavours.
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Potential backlash: Receiving an award can also draw criticism and unfavourable attention, particularly if the honour is debatable or if the development does not perform as expected after receiving it.
Concluding, Vos said: ‘International recognition such as this motivates us to continue our efforts in building the largest mixed-use development in Africa and emphasises just how world-class Waterfall City is. As a wider team, Waterfall Management Company and all our various development partners are honoured to receive this prestigious award, which once again puts Waterfall City and South African property development on the world stage.’
