New R18 billion ‘city’ in South Africa gets the green light

 ·23 May 2024

The developers of the new Bankenveld District City in Sandton, Johannesburg have received the green light from the Competition Commission to purchase the land for the site.

Calgro M3 and Eris Property Group (EPG), through Bankenveld development company, plan to purchase portion 5 of the Farm Bergvallei 37 situated in Sandton from the University of Witwatersrand for R200 million.

The commission believes that the proposed transaction is unlikely to lessen or prevent competition in the market and recommended that the Tribunal unconditionally approve it.

Bankenveld is set to create 20,000 to 30,000 housing units alongside commercial, retail and industrial spaces.

Roughly a third of the land will be used for infrastructure projects, such as roads, stormwater management, and green belt areas.

It is also situated adjacent to the Marlboro Road Gautrain station and between the M1 and N3 highways, allowing for several connection areas.

Calgro M3 and EPG will share the cost of the infrastructure installation, after which Calgro M3 will be responsible for the residential components, and EPG will handle the commercial, retail, industrial, educational and healthcare components.

“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,” said Calgro M3.

Read: Semigration driving South Africans to these hotspots – this is what you can get for R2 million up

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