People that have never ever started businesses in their lives are administering boundaries for innovation and entrepreneurs at funding institutions ๐คฃ๐ญ
Not really strange. A lot of people do this legally. There is a property developer in Pretoria who also does this with the apartment blocks he builds. If he builds an apartment block on 21 John Street, then he opens a company called "21 John Street (Pty) Ltd" and that company will own that building ONLY.
Liability for that building is limited to that company instead of your entire estate. Tax is also handled separately. It is also great for selling because the new owner won't need to pay transfer costs (You don't sell the property, you change directorship of the company to the new owners and they automatically own the property).
So, in isolation, it is not strange for a new company to own a multimillion rand property.