Balwin expects to report lower full-year earnings, but says sales remain healthy

JSE-listed residential real estate investment trust Balwin Properties expects its headline earnings a share for the year ended February 29 to be about 11% lower year-on-year at about 90.5c.

The company, which will release its results on or about May 15, on Wednesday informed shareholders that it had sold about 2 700 apartments in the year under review, compared with the 2 437 apartments sold in the prior year, while its cash had increased by R150-million to R475-million in the reporting year.

Powered by WPeMatico

CMF creates contractor advisory centre, assists with contract clarity amid outbreak

The Covid-19 outbreak in South Africa has accelerated to 116 confirmed cases by Wednesday morning, out of more than 3 000 people tested for the virus since Sunday, which is increasingly nudging the construction industry to reconsider its “wait-and-see” approach and start implementing impact mitigating measures, says the Construction Management Foundation (CMF).

The CMF adds that the entire construction supply chain, including main contractors, subcontractors, consultants and material suppliers, will suffer commercial impacts as a result of the virus.

Powered by WPeMatico

PPC says business is picking up, while intensive DRC restructure talks continue

PPC says business is picking up, while intensive DRC restructuring talks continue JSE-listed cement manufacturer PPC on Wednesday said its trading performance in Southern African was starting to stabilise. 

Powered by WPeMatico

Civils sector lifts its head after sharp contraction

Collectively, in nominal terms, the nine listed contractors on the JSE have lost “a staggering” 80% of their value since before the start of the financial crisis, says construction market intelligence firm Industry Insight senior economist David Metelerkamp. “This is absolute destruction of an industry in terms of listed companies. We haven’t really seen this on the JSE before if we look at a certain sector.”

Powered by WPeMatico

Every effort must be made to ensure economy ‘does not grind to a halt’

Finance Minister Tito Mboweni stressed on Monday that, before contemplating any possible stimulus package to address the negative economic effects of the Covid-19 pandemic, all efforts should be geared towards ensuring that the already weak domestic economy “does not grind to a halt”. A failure to do so, he added, would further undermine the collection of the tax revenues required to take the actions needed to deal with the health crisis. Speaking during a media briefing hosted to unpack government’s response to the crisis, following President Cyril Ramaphosa’s March 15 declaration of the outbreak as a State of National Disaster, Mboweni said the primary objective should be to keep the economy moving so that South Africa did not descend into a “prolonged recession”.

Powered by WPeMatico

Arrowhead on track with its disposal programme for the year

JSE-listed real estate investment trust Arrowhead Properties has advised that it remains on track with its disposal programme for the financial year ending September 30.

The company’s current disposal pipeline includes 42 noncore assets with a sales value of R913-million at an average 1% premium to book value.

Powered by WPeMatico

Reits with European properties start implementing contingency measures

JSE-listed real estate investment trusts (Reits) EPP and MAS Real Estate have started executing contingency measures following mandatory closures of large shopping centres in various parts of Europe, as governments try to curb the spread of Covid-19.

For example, the Polish government signed a decree on March 13 in terms of which all Polish shopping centres and retail locations measuring more than 2 000 m2 in size were to be closed for at least ten days, starting March 14, with the possibility of extended closure times if required.

Powered by WPeMatico

Atterbury to develop Aramex South Africa’s new Cape Town facility

Property investor and developer Atterbury has been awarded the contract to develop a new distribution facility for logistics and transportation solutions provider Aramex South Africa in Richmond Park, Milnerton, Cape Town. The development and long-term lease agreement were awarded to Richmond Park Development Company after a comprehensive request for proposals process managed by Broll.

Powered by WPeMatico

Indluplace picks up occupancy in Mpumalanga, continues to sell small properties

JSE-listed residential real estate investment trust Indluplace has managed to get its occupancy level at the Highveld View complex, in eMalahleni, Mpumalanga, up to 95%, compared with 33% in February 2019.

This is testament to the company’s successful marketing initiatives during a time of intense competition in the property market, says CEO Carel de Wit.

Powered by WPeMatico

National nonrevenue water programme in development

The State-owned Development Bank of Southern Africa (DBSA) is spearheading a programme targeting the creation of  a centralised national office to tackle non-revenue water projects for municipalities while seeking innovative funding solutions. DBSA product development specialist Johann Lübbe and DBSA infrastructure finance specialist  Konstant Bruinette tell Engineering News that the programme is being modelled in a similar way to the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), which has a centralised office through which all projects are funnelled to ensure consistency and accountability.

Powered by WPeMatico