Basil Read launches R1.85 billion Malibongwe Ridge Development

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Malibongwe Ridge is an extension to Cosmo City and will incorporate the informal settlement of Itsoseng and will be a mixed use, sustainable integrated development. Malibongwe Ridge is an extension to Cosmo City and will incorporate the informal settlement of Itsoseng and will be a mixed use, sustainable integrated development.

Basil Read Developments a division of JSE-listed construction group Basil Read, on 11 March 2013 broke ground on a R1,85 billion Malibongwe Ridge mixed-use development, close to Cosmo City in northwest Johannesburg.

The mixed-use development, adjacent to the group’s Cosmo City development, would comprise affordable housing for over 5 500 families, as well as churches, clinics, parks, schools, commercial and retail opportunities.

The entire development is expected to be completed within five years.

The R1.85 billion affordable housing project is being developed for the Gauteng department of local government and housing and the City of Johannesburg by Codevco, a Basil Read subsidiary.

Codevco's scope of work includes constructing 3,240 low-income housing units with rental rooms, as well as 244 low-income freestanding houses, 669 finance-linked, partially subsidised houses, 604 bonded houses and 754 rental or "social" housing units.

In February, Basil Read Developments concluded another major sale at its Klipriver Business Park for R15 million to Chinese Investor, New Hope South Africa (Pty) Limited.

The R390 million Klipriver Business Park is located on the farm Waterval and comprises a gross land size of 143ha and development land size of 118.9ha with 96 saleable erven which will be developed in four phases.

The Klipriver Business Park covers the entire R59/R550 interchange and is accessible to all major road networks (N1 and N3) and rail network. It is considered to be the new major growth node of Gauteng

Basil Read was awarded a road contract worth R279m by the South African National Roads Agency Limited, to rehabilitate the national route 5, section 4, between Vaalpensspruit and Winburg in North West.


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