Balwin Properties slashes development pipeline by 30%

15 May 2019 - 18:07Financial director Jonathan Weltman says that by having both a build-to-sell and a rental business, Balwin can also manage interest rates changes and protect its earnings. Picture: 123RF/ AHOFOBOX

Weltman said the gross profit margin on the group’s sales had come under pressure in the year to February, and that while there was optimism the economy would rebound as President Cyril Ramaphosa established a cabinet following the ANC’s election win last week, growth would only gain momentum in 2020.

Not just Balwin is seeing that its prospective customers are under pressure. Numerous investors who bought apartments to let in the past are less active in the market, while rental growth is weak, according to FNB property sector strategist John Loos. As many as 2,437 apartments were recognised in revenue in the reporting period compared with 2,084 in the 2018 year.

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