Continued strong demand for Balwin lifestyle apartments

JOHANNESBURG – Balwin Properties sold some 2700 apartments in the year to February 29, compared with 2437 in 2019, evidence of continued strong demand for its lifestyle apartments.

The group said in a trading update yesterday that it held R475 million in cash at year-end, representing an increase of R150m over the previous year.

Consolidated earnings per share and headline earnings per share (Heps) for the year were expected to fall by 6 to 11percent, translating into a decrease from the prior year’s Heps of 95.82cents (95.84c), to a range of between 85.3c to 90.5c per share.

“Despite economic headwinds and consumer pressure, the sustained demand is reflected in an 11percent increase in the number of apartments recognised in revenue in the year, compared to the prior year,” the group said.

Demand for one- and two-bedroom apartments remained strong and comprised about 74 percent of total apartments sold. Balwin in the second half followed the trend of the interim results, by increasing its marketing campaigns to clients.