The emerging middle class’s demand for housing in cities is set to drive Octodec Investments’s performance over the next few years, says the diversified property company’s MD, Jeffrey Wapnick. The company, which owns an array of assets including properties in the Johannesburg and Pretoria inner cities as well as Killarney Mall, reported 6.5% dividend growth for the six months to February. Financial director Anthony Stein said this signified consistency, with the group having achieved 6.5% dividend growth for the year to August. "Demand for residential units priced from about R4,000 to R7,000 is growing steadily. More and more middle-class people want to live in or close to our cities. I believe this is the sweet spot for Octodec’s residential portfolio," said Wapnick.
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