Calgro M3 has received approval to build a new residential development in Johannesburg. The development will stretch from Kelvin in Sandton to Alexandra township.
The Frankenwald development will consist of 30,000 housing units. At first, it will start with 20,000 and then the other 10,000 units will be added in time.
In a statement, the developer said that it plans to exercise the land option at the end of June 2023.
Calgro M3 said that it’s confident that it can use its internally generated cash resources to build more than 20,000 residential units.
The units will differ in size and price as it aims to cater for different income groups.
The range consists of fully state-subsidised RDP houses, social housing units, homes falling in the gap housing category and stand-alone houses costing about R1 million.
“With the next big project for the group, Frankenwald integrated development, expected to come on stream in mid-2023, we are delighted about plans to enhance the face of affordable homes on the doorstep of Sandton,” said the group.
The development will cater for the people who fall in between not being poor enough to qualify for an RDP house, but not earning enough to buy a house through a bank.
Image credit: Urban Dynamics