Uni-Asia says impact from fire on HK property project is limited

UNI-ASIA Group's Hong Kong property project is still on schedule despite a fire in November, the mainboard-listed company announced in a bourse filing on Monday. 

A fire broke out at the construction site of the Uni-Asia's T18 property project in Tsuen Wan on Nov 28. However, after discussions with the project's lead investor and developer, Uni-Asia has found the impact on costs and the project timeline to be "limited". 

"The project is expected to be completed by 2020 as originally scheduled as construction was progressing ahead of schedule prior to the incident. Construction works had also resumed at the site following a one-day stoppage due to the incident," the company said in its filing. 

Additional costs for the recovery are not material as the damaged portions, comprising concrete on the ground floor and the basement slab, have been demolished and are being rebuilt. Besides minor damage to a crane, other machinery were not affected. 

Thus, the fire is not expected to have any impact on Uni-Asia's results for FY2019 ended December. Shares of Uni-Asia closed at S$0.75 on Monday, up 2.04 per cent.