JSE-listed home builder Balwin Properties is adding a rental product to its existing build-to-sell development model, a move that is likely to place the counter more regularly on the radar of property fund managers.The developer has, since its inception 22 years ago, built and sold more than 17,000 sectional title apartments in close to 80 lifestyle estates across Johannesburg, Cape Town and Pretoria.Balwin’s model is to build estates consisting of at least 1,000 one-, two-and three-bedroom units that typically sell for between R600,000 and R2.5m.The company is now starting to add rental stock to the mix, which Balwin CEO and founder Steve Brookes believes will improve the quality of the cash flows.Though Balwin already pays a dividend twice a year, it trades at a lower dividend yield (about 6%) than the average 8%-12% currently on offer from SA-focused real estate investment trusts (Reits).Unlike Reits, which pay dividends from rental income, payouts from developers such as Balwin...

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