JAMIE CARR: Balwin Properties pumps out apartments
The group is pumping out between 2,000 and 3,500 apartments a year
Residential property development is a sector that should offer enormous potential to operations that have the skills to provide a product the punters want at a price they can afford. There’s clearly no shortage of demand, particularly in the lower price brackets. This is where Balwin is focusing, with the bulk of its development pipeline in the sweet spot of R600,000 to R2m. This amount gets you a one-to three-bedroom apartment in a secure development, with plenty of extras on tap. The group is pumping out between 2,000 and 3,500 apartments a year, with the potential to increase capacity to 5,000 a year as and when it thinks it can get them off the books. It is also undertaking more upmarket developments, up to selling prices of R3m, as well as rent-to-buy developments in partnership with property funds, and is looking to exploit opportunities for annuity income from services it can provide within its developments. There’s a ton of opportunity, but it’s a competitive market and cash...
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