Balwin Properties cautiously optimistic about residential sector

Balwin Properties reported an 18 percent drop in profits for the full year to February. The firm's Chief Financial Officer Jonathan Weltman spoke with eNCA's Devan Murugan. Courtesy of #DStv403

JOHANNESBURG - Balwin Properties is benefiting from the strong demand for one- and two-bedroom apartments.

These already make up 77 percent of the total number of apartments, recognised in the revenue of South Africa's largest sectional title developer.

In its latest annual results, the company reported an 18 percent drop in profits for the full year to February.

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It highlights that the loss of three months of construction time during the national lockdown hit its earnings.

But the company says it's satisfied with processes implemented to best mitigate the impact of the pandemic.

It is cautiously optimistic about the residential property sector outlook.

The group has pre-sold over 2,000 apartments. The revenue from the sales will be represented in its next financial statements.

Source
eNCA

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