Property Flash


April 4 2024 17:17

JSE-listed integrated residential property and memorial parks developer Calgro M3 has launched its most ambitious project to date, having bought a parcel of land in Bankenveld District City, Gauteng.

Calgro M3 said it would exercise of an option to take up the transformative project on the doorstep of Sandton. On March 1 2024, the joint venture partnership between Calgro M3 and Eris Property Group (Eris) formalised the acquisition of a strategic land parcel, marking the commencement of the ambitious Bankenveld District City development.

It is poised to deliver between 20 000 and 30 000 housing units alongside commercial, retail, and industrial facilities. Around 34% of the land is dedicated to infrastructure, including roads, stormwater management, and extensive recreational and green belt areas, aimed to enhance the quality of life for residents and the surrounding communities. The project is worth about R18bn and will be rolled out over 15 years. Homes will be priced from between R5000 000 and R1.5m.

CEO Wikus Lategan said the project more than doubled Calgro M3’s pipeline. Calgro will build the houses while Eris Property Group will be responsible for the other developments.

“This is our largest project to date. We should start late this year or early next year with infrastructure. We are awaiting competition commission approval. We will start top structures next year. We reckon that by 2025, the interest rate situation will have calmed improved. We are excited to offer value-for-money homes with our product,” he said.

Calgro M3 was founded in 1995 by Derek, Deon and Douw Steyn. They joined forces with the Malherbe brothers in 2001 and began work on their first residential development together. In 2007, Calgro m3 was listed on the Altx board of the JSE, later listing on the bourse’s main board in 2012. It has built the Fleurhof integrated development in Roodepoort as well the Belhar development in the Western Cape. Its focus remains on social housing as well as a memorial parks business which helps to cover overhead costs.

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