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.
MK Land Holdings Bhd’s unbilled sales are now at RM150 million from RM200 million previously.
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.
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.
The development has a total of three blocks consisting of 500 PPA1M residential units, 316 public residential units and 20 commercial units.
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.