Apartment developer Balwin Properties has seen a sales slump as pressure on SA's consumers continues to weigh on the residential sector.
But amid favourable semigration trends, the Western Cape is now the group's best performing province for the first time in Balwin's history.
The owner of The Polofields development in Waterfall City and the Fynbos Estate in Sandown saw sales declined 29% to R2.4 billion in its year to end-February, while profit after tax fell 50% to R217.4 million. The group also opted to not declare a dividend, citing tough trading conditions, but will reconsider this for 2025.