This article is from the Australian Property Journal archive
DEVELOPER Tian An has posted a full year underlying loss of $2.601 million after tax after the company’s Enfield site copped a $7.726 million impairment.
The result was a worse outcome that the previous year, which returned a loss of $2.139 million, while post tax statutory loss improved from $14.9 million to $3.7 million.
The Enfield site at 4 Mitchell St encompasses 12,619 sqm and was acquired from Vision Australia at the end of 2016 for $35 million. Tian An is still seeking approval for 71 townhouses.
Slow sales at Oceanique in Western Australia incurred the project a $200,000 impairment, while a fair value uplift at Cascade Gardens in Pymble of $6.8 million was recorded, but the project had taken a writedown of more than $12 million during 2018.
Construction has stated on the 93-apartment project, which has an estimated gross realisation of around $100 million, and is due for completion in the middle of this year.
Tian An has received federal and state government bilateral environmental approvals for the proposed 300 berth onshore marina and development at Point Grey and Peel Water, and is seeking development approval to commence the marina early works.
