Originally owned by Carsons - Equity One PLC.
Equity One PLC 2013 Annual Report notes - Cost is Rs.624 Mn but valuation in 2013 is Rs.470 Mn. - they had a few loans also obtained by mortgaging the same property. The Equity One's borrowings from Carsons are Rs.751.7 Mn according to disclosure.Equity One has got Rs.54.8 Mn less than the historical cost of the land.
Equity One had a project called 'Metropolis' to built 221 apartments in first phase and few more in second phase in the same land of Mount Lavinia which is now not possible.
Kelsey is launching a housing project as per the new disclosure.
What are your views? Members...