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Octodec Properties, whose over R11 billion portfolio includes Killarney Mall and Woodmead Value Mart, is adopting a cautious approach to new developments and office-to-residential conversions. It cites the effect of municipal services failures and load shedding on a struggling economy.
The company, which holds investment real estate and develops properties in Johannesburg and Pretoria, said on Wednesday that this didn't mean a complete halt to development. However, it is focusing on keeping a healthy balance sheet and rewarding shareholders.
CEO Jeffrey Wapnick told News24 that "even in times of adversity like we are experiencing right now, there have got to be opportunities".
