Calgro M3 CEO Wikus Lategan
A joint venture between JSE-listed property investment company Calgro M3 and property development company Eris has acquired a strategic land parcel for the Bankenveld District City development, in Gauteng, with the aim to deliver 20 000 to 30 000 housing units alongside significant commercial, retail and industrial spaces.
Both parties will share the cost of the infrastructure installation required for the development. After this, Calgro M3, which is led by CEO Wikus Lategan, will be responsible for the residential components of the development, while Eris will handle the commercial, retail, industrial, educational and healthcare components, the companies say.
About 34% of the land is dedicated to infrastructure, including roads, stormwater management and extensive recreational and green belt areas to enhance the quality of life for residents and the surrounding communities.
The Bankenveld District City project aims to bridge the gap between affordability and access to Sandton's economic hub and promote socioeconomic upliftment, Calgro M3 says.
"The project more than doubles Calgro M3's existing project pipeline, and has the potential to generate upwards of R18-billion in revenue," it points out.