Calgro (CGR) is a developer of large-scale integrated properties, rental units and memorials. It was established in 1995 and listed on the JSE in November 2007. It acquires suitable land and then plans a development and sells off or rents the residential or memorial park units. The company has negotiated further funding of FWB:25M to fund new development projects. A major problem for this company has been illegal land invasions which cost it roughly 25% of its turnover in the half-year to August 2019. In its results for the six months to 31st August 2023 the company reported revenue up by 13,5% and headline earnings per share (HEPS) of 78,88c compared with 57c in the previous period. The company said, "Having handed over 949 opportunities in the current period (August 2022: 1 193 opportunities), 2 118 opportunities are under construction, with more than half set for hand- over by February 2024. Currently, the Group has 1 937 serviced opportunities whilst servicing a further 3 398 opportunities". Technically, this company made an impressive triple top formation with tops at 2350c in August 2015, November 2015 and May 2016. After that it fell steadily until April 2020. After that it formed an "island" at between 210c and 270c. The share moved up to 510c in October 2021, but has fallen back to 435c. Like many property companies it is now trading for less than half of its net asset value (NAV) and represents good value.