Balwin Properties has released its trading statement for the six-month period ended on 31 August 2021, reflecting a positive recovery from the challenging market conditions over the past eighteen months.
In a recent SENS announcement, the company noted that its operational activity has steadily recovered to pre-Covid-19 comparable levels which has been supported by sustained sales for Balwin’s products.
Approximately 1 260 apartments were sold and recognised in revenue in the current financial period with 2 000 apartments forward sold beyond the interim reporting period.
With a continued emphasis on development quality as the foundation of its brand, Balwin established a department to oversee the reduction of the group’s environmental impact through innovation in design and sustainable building techniques which will benefit Balwin’s customers through lower living costs and reduced interest rates offered by the commercial banks through the Green Bond. During the reporting period, the company also successfully handed over the first phase at Greenbay eco-estate in Gordon’s Bay as its first Green Collection development in the Western Cape.
While the board will continue to focus on cash management and cost containment, the recent conclusion of a R500 million unsecured facility was a significant milestone for the group to broaden its funding base.