Property developer Calgro M3 and real estate investment trust (Reit) SA Corporate Real Estate have partnered to alleviate the shortfall of housing units in the low- to mid-cost segment of the residential market, especially in South Africa’s metros.
The JSE-listed companies will establish a new company AFHCO Calgro M3 Consortium, in which SA Corporate will own a 51% stake and Calgro M3 49%.
“The current housing shortfall in metropolitan areas is estimated at a mammoth two-million units. Despite government’s commitment to closing the gap, spending on infrastructure
for housing development is under pressure and this joint initiative will assist government in improving living conditions for ordinary South Africans,” says Calgro M3 MD Wikus Lategan.
