Hong Lai Huat board stands by carrying value assessment for properties

MAINBOARD-LISTED property developer Hong Lai Huat Group has engaged independent valuers to assess its properties held for sale, the board said on Thursday, in a reply to bourse queries on fair-value calculations in its recent half-year results.

The Singapore Exchange (SGX) had asked about the basis of assessment for the value of about S$25.2 million for these properties, as well as whether any material change would be needed, given the ongoing Covid-19 situation.

The SGX also asked for details of roughly S$5.89 million in "biological assets", which Hong Lai Huat said referred to immature cassava that has not yet been harvested.

The board added that it believes the methodologies to determine the carrying value of both the properties held for sale and the biological assets are satisfactorily reasonable.

Shares ended at S$0.145 on Thursday, down by 0.8 Singapore cent or 5.23 per cent, before the latest announcement.