Read article: Singapore Property Homes Costs Went Down 1.2% in Q1 2020
The company’s stock rose 4.2 percent after the statement.
Selling undeveloped land purchased by tender is odd. For Goldin, but the selling of property in the Kai Tak district marks the second time in a year to get this buy to go awry.
But it dropped the bargain a month after at the cost of its residue mentioning economic instability caused by anti-government protests.
This time around, the book coronavirus epidemic has disrupted economic activity, clouding the outlook for the land’s usually buoyant real estate market.
Goldin at a bourse filing stated it had agreed with Best Family Group on Sunday to market the property that could possibly yield a gross floor area up to 53,394 square-foot for HK$7.05 billion.
The cost is 21 percent lower than in November 2018, when Goldin purchased the property parcel in the authorities for HK$8.9 billion with strategies to construct residential flats.
“Considering that the preliminary phase of development of this house and the substantial capital needed for the job, the supervisors adopted a sensible approach to conserve more money for the team’s present company, contrary to the uncertain prognosis in the property market and the general economic recession in Hong Kong,” Goldin said in the filing.
The loss incurred by the purchase also included interest rates against bank loans.