Calgro M3, a JSE-listed black-owned residential project developer has been awarded a R812 million ($73,3m) project by the Namibia’s National Housing Enterprise (NHE) to set up 2523 residential units in Namibia in the next three years.
The housing units will be known as Otjomuise set up in the country’s capital, Windhoek. The R812 million ($73,3m) project is the company’s first venture out of South Africa. It is set to roll out Calgro’s expansion into the Africa market, in a bid to increase its pipeline of existing secured projects.
The R812 million ($73,3m) project is also one of the many projects the company is expected to roll out in the next 5 to 6 years in South Africa.
According to reports, the company has R17 billion ($1,5bn) pipeline of secured projects in South Africa at the moment. Management believes that it can execute about R10 billion ($903m) of the pipeline in the next five to six years.