Global Construction Review reported that Hiap Hoe’s (5JK:SI) Marina Tower in Melbourne has been completed. The prime waterfront property in Melbourne’s Docklands precinct comprises two residential blocks (43-storey and 36-storey) with 461 units and one 7-storey hotel block managed by the Four Points by Sheraton brand with 273 room keys.
With the completion of Marina Tower, it is probable that Hiap Hoe will record the profits from the project in its Q3 earnings report. Based on its deposits of S$28 million (10% of sale price) held on its books as well as an estimated 15-20% profit margin, we should be able to expect a reported profit of close to S$50 million. This would represent an increase in its Net Asset Value by S$0.10 per share.
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