Calgro M3, Eris Property Group announce Bankenveld City project

South African real estate developer Calgro M3 has announced plans to develop a groundbreaking new city in Johannesburg's northern suburbs. The Bankenveld district city development is set to bring as many as 30,000 housing units to the area, with the project anticipated to generate a massive R18 billion in revenue, effectively doubling Calgro's project pipeline. In a recent interview with CNBC Africa, Wikus Lategan, CEO of Calgro M3, shared details about the ambitious project. Lategan highlighted that the development will be situated near Whitmead, between Sandton and Waterfall, offering affordable and integrated housing options in close proximity to South Africa's economic hub. The residential opportunities within the new city will range from R500,000 to R1.5 million, catering primarily to entry-level homebuyers and young families. Lategan emphasized that the aim is to make homeownership accessible to a broader segment of the population, fostering economic growth and community development. The project, expected to span over 15 years, is slated to commence construction later this year pending competition commission approval. Lategan noted that while construction costs may increase over time, the positive impact on housing, human settlements, and the overall economy of the country is a priority for Calgro M3. The development will not only offer residential properties but also include approximately 5,000 to 600,000 bulk square meters of retail, commercial, and industrial space. Lategan clarified that Calgro M3 will focus on the residential aspects of the project, including essential infrastructure such as roads, stormwater systems, and utilities, while Eris Property Group will manage the commercial and educational components. Despite facing challenges such as environmental approvals, area-specific upgrades, and conservation efforts for local wildlife, the project has been in the works for seven years. Lategan expressed excitement about expanding Calgro's project portfolio and emphasized the company's commitment to diversifying income streams and supporting sustainable development. Calgro M3's ambitious project aligns with the broader goal of addressing historical spatial inequalities in South Africa post-apartheid. By prioritizing affordable housing and community-centric planning, the development of the Bankenveld district city aims to create a vibrant and inclusive urban environment that caters to the diverse needs of the population. As the project gears up to transform the landscape of Johannesburg's northern suburbs, stakeholders and prospective homeowners are eagerly anticipating the positive changes and opportunities that the new city will bring. With a long-term vision and dedication to fostering socio-economic progress, Calgro M3 is poised to make a significant impact on South Africa's real estate sector and urban development landscape.