Illegal land invasions cost property group Calgro M3 as much as R71m in the year to end-February. The company, which focuses on residential developments and also develops and manages memorial parks, said on Monday that net profit in the year plunged to just R1.2m, from R120.8m previously. “These results were impacted by several operational challenges and transactions, coupled with changes in accounting standards,” said group CEO Wikus Lategan. Calgro M3 said land invasions in Scottsdene had resulted in security costs and damages of R27.9m, while land invasions at Fleurhof cost R43.1m. “The strategy of this business remains sound, but development-related risk such as the Fleurhof electrification challenge and the Scottsdene illegal invasions mean that Calgro M3 needs to consider a lower initial yield during the rental take-up phase,” the group said. In March, Bloomberg reported that an SA engineering contractors’ lobby group had asked the government to improve security as criminals h...

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