sVisual International Holdings Limited announced as previously communicated to shareholders, the building plans for Stellendale Junction property had been submitted to the City of Cape Town, which approval took much longer than originally expected. The Board announced that approval of the building plans has finally been received and the construction work on Stellendale Junction, comprising approximately 500 apartments, has commenced this week. Going forward, Visual will generate a 50% profit share on transfer of sales of units within Stellendale Junction.

As previously advised Phase I, known as The Knysna, comprising 56 units, has been sold out. The building of The Knysna is planned to be completed and transfer of the apartments passed by the end of November 2023. The profit share will be received against the transfer of the units through the Deeds office, expected from November 2023 onwards.