Municipal failures leave Killarney mall owner Octodec wary of new developments
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".South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.
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