Balwin projects ‘on track’
A number of developments under construction in Joburg, says CEO
Balwin Properties CEO Stephen Brookes says the group is still seeing strong demand for the apartments it builds and sells, despite a recession and poor trading conditions. The group said in a pre-close operational update for the five months to July that almost all of its projects were being built on schedule. The share price closed 2.19% higher at R7 on Tuesday. Brookes said: "Balwin continues to receive strong demand for its high-quality apartments, with pricing and sales volumes tracking in line with the previous comparable period." The sectional title developer said that costs incurred during the period increased as a result of gearing up of resources for the delivery of its increased pipeline including developments at the Waterfall node. The creation of a procurement department that centralises Balwin’s procurement process, had started to lead to "significant efficiencies and cost savings in the business", said Brookes. "Encouragingly, the recent interest rate cut should support...
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