Emerging Towns & Cities Singapore (ETC SG, formerly known as Cedar Strategic) bagged a winner when it invested in Golden City, the iconic luxury residential commercial mixed-use development in Yangon, last year.
- Tan Thiam Hee
(NextInsight file photo)
Highlights for FY2016 / as at 31 Dec 2016:
- RMB 570.2 million was recognized from the sale of 205 units in Golden City. Another 230 units have been sold with revenue yet to be recognized.
- RMB 138.7 million was recognized from the sale of 232 units in Daya Bay. Another 111 units have been sold with revenue yet to be recognized.
- Gross development properties were valued at RMB 1.2 billion (FY2015: RMB 169.1 million)
- Cash reserves were RMB 79.3 million (FY2015: 18.4 million)
The Group increased its effective stake in Golden Land Real Estate Development (the development company for Golden City) to 49% following shareholder approval on 27 February 2017.
Below is an excerpt of questions raised at the Group's FY2016 results briefing on Tuesday (28 February) and the replies provided by CEO Tan Thiam Hee and CFO Joseph Lim.
|♦ Q & A|
Q: Who are the buyers of Golden City?
We are looking at working on greenfield projects by collaborating with land owners. Being greenfield projects, they will be of a relatively smaller project value.
The exercise price is 9c. The warrants expire in early June 2017.
Q: Who are the parties behind Golden City?