This article is from the Australian Property Journal archive
ASX-listed developer Tian An (ASX: TIA) has reported an interim underlying after tax loss of $1.439 million, as slow residential market conditions forced writedowns over two of its projects totalling nearly $7.9 million.
Most of this – $7.7 million – was incurred at its Enfield site at 4 Mitchell St, where it currently currently obtaining planning approvals for the 12,619 sqm site The company bought the site from Vision Australia at the end of 2016 for $35 mlilion.
Tian An’s Oceanique project in Western Australia took a $200,000 dent. The project has 66 luxury apartments and after two settlements in the half only one is still available.
The bulk of the writedowns was offset by a $6.68 million fair value uplift of its Cascade Gardens project in Pymble, 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 2020.
Underlying loss after tax for the prior corresponding period was $1.019 million. Statutory loss after tax was $2.651 million, after $2.804 million last year.
