DEVELOPMENT: Calgro Cracks Another Contract In Cape Town
Recent Western Cape Business News
GAUTENG-based property development group Calgro M3 Holdings is making further inroads into the Western Cape market after securing a huge joint venture agreement for an integrated housing project in Belhar in Cape Town during December.
The joint venture with black empowered Belhar CBD (Pty) Limited follows hard on the heels of the group’s breakthrough project in the Western Cape - the R554 million Scottsdene integrated housing development, which recently got underway.
The Belhar project award follows a (prudent, it seems) decision by Calgro to open a permanent office in Cape Town and appoint a divisional director (Willem Steenkamp) to facilitate the Cape Town operations. Clearly Calgro has made an impression…
The Belhar project is a significant development for Calgro and is worth some R1.3 billion – more than double the Scottsdene project in Kraaifontein.
Calgro CEO Ben Pierre Malherbe says the project comprises retail, industrial and residential units.
He says Calgro M3’s contribution will be a R1.3 billion high density residential component of 3 600 mixed tenure properties.
These will include social housing units, open market rental units, student accommodation, GAP and affordable housing units.
Basically Belhar CBD will be responsible for the roll-out of the retail and industrial component of the project with Calgro M3 appointed as project managers overseeing the entire project.
The phased development is set to start in the first quarter of 2012. Calgro already has the township approval and has secured the Environmental Impact Assessment Record of Decision, which paves the way for the construction of the first 620 units.
Calgro has already started the town planning approval process for the second phase and expects the project to be completed by mid 2014.
CBN wonders if Calgro – now viably ensconced in the Western Cape – will crack the nod for a few more projects in 2012.
At the time of the Scottsdene award, Calgro executive director Derek Steyn believed the project was just the start for the group’s Western Cape ventures. At that time he indicated that “a number of other opportunities were in the final stages of negotiation”.
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