ah.....I thought GDV was cost, but you are absolutely right in...

ah.....I thought GDV was cost, but you are absolutely right in that its the anticipated value at completion.

And yes they did not mention the GDV of the 2nd tower in Vietnam, but unclear as to whether this will be sold or leased - they have referenced the challenge in the Vietnam market for a little while, and my thinking is that given their balance sheet, they can afford to just sit on a property (and lease it out) and wait for the market to recover (this was also the approach with HK developers who could ride out market fluctuations....although in HK, they did not bother leasing the property out as it impacted the selling price)

Unclear how much of these properties they have already started selling (I'm assuming the revenues coming in now are taking deposits on some of these), so perhaps there won't necessarily be a spike in revenues in 2025-26, but it does appear that they have more projects in the works then they have had at least for the last 3-4 years and understandable that the share price has languished as they navigate the covid & post covid normalisation (not to mention the interest rate hikes)