Following the hugely successful launch of its maiden project at La Trobe Street last year, which saw 95% of the available apartments sold within three weeks, its second project with a gross development value (GDV) of RM965 million is on track to be just as successful.
The development has a total of three blocks consisting of 500 PPA1M residential units, 316 public residential units and 20 commercial units.
Corwin owns a leasehold property, which is an eight-level shopping mall building known as The Verge. We view the disposal price as fair although it was above what we ascribed in our sum-of-parts (SOP) valuation due to the stronger Singapore dollar.
A recent meeting with the management revealed that the group’s de-gearing exercise is underway with the proposed listing of its investment assets and construction arm, with a target set by end-2016.
MK Land Holdings Bhd’s unbilled sales are now at RM150 million from RM200 million previously.
Eastern & Oriental Bhd (E&O) confirmed that it will terminate the proposed listing of its overseas assets due to unstable global market conditions and exchange-rate volatility. It was reported earlier that it might defer the listing due to the weak UK stock market conditions.