New ‘city’ coming to South Africa’s richest region

Calgro M3 has declared its first-ever dividend payout, and a new “city” near Sandton is in the pipeline for development.

The option was exercised via the Bankenveld District City Ltd joint venture, which is 50% owned by Calgro M3 and Eris. After exercising the option on 1 March 2024, the Bankenveld joint venture will be required to settle the option fee of R200 million, which will be equally shared by Calgro M3 and Eris.

“Bankenveld District City adds, at minimum, R18 billion to the revenue pipeline through the delivery of between 20,000 and 30,0000 opportunities over a 15 to 20-year period.”Calgro M3 also declared its maiden dividend in its financial results, despite its revenue dropping from R1.5 billion in FY2023 to R1.2 billion in FY24.

Source: Real Estate Daily Report (realestatedailyreport.net)

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