When the deal was done with Nic to market the property he was...

When the deal was done with Nic to market the property he was given an incentive increase if the realised price was above US$30m. At the time EGP capital (a major shareholder) based their valuation on the land based on that, as you have. After physically going there & extensive research including recent sales they said this in their March 2020 newsletter:

"The 30-hectare asset in Clark Special Economic Zone based on recent transactions is worth between US$90-US$150m (AU$146-AU$244m, or 18.6c – 31.1c per share less any transaction costs and taxes) based on similar transactions undertaken in the area in the past year or two."

I wouldn't worry too much about the process of monetising the property, 2 of the largest shareholders have bailed them out with the loan, their priority would be to get maximum return on their investment. I’ve already mentioned Vern Wills’ large shareholding & so he too would want the best outcome.