Balwin Properties on Wednesday reported a 100% increase in headline earnings per share to 58 cents as demand for secure, affordable homes in “good” neighbourhoods continued to outpace supply in the six months to the end of August.
The national specialist residential property builder and developer of “secure, affordable, high-quality, environmentally friendly and strategically located sectional title residential units” priced between R599 999 and R1.7-million said revenues increased by 71% to R823-million and profits were up from R134-million to R234-million in the period under review.
A statement from the company, which was listed in August, said: “Despite a challenging economic environment and recent increases in interest rates, the demand for residential units remained strong supported by under-supply of quality housing within the target price range and an increase in the urban population.”
Balwin said negotiations were continuing over the acquisition of a land parcel in the Kyalami node for development of a possible 15 000 residential units.