WOW - no surprises here... one of many of Cedar Woods projects cancelled. This is the second time this project has been falsely launched! - Wouldn't surprise me if court action is undertaken by the buyers who have been left empty handed.
When was Cedar Woods going to let the shareholders know? Or is this not market sensitivity information? No doubt this would affect the net profits and future forecast of the companys profits if a large project is cancelled indefinitely!
Purchased in 2015 - the company cant even turn a profit on this site? Why????
Should this project book value be written down? If so, this will further affect profits of the company.... leaky ship!
ASX-listed Cedar Woods announced Wednesday they were putting the planned Greville community in Wooloowin, 5km north of the CBD, on ice in the face of rising costs and extended construction timelines.The project had been slated to welcome its first residents early next year but instead has joined the growing list of residential housing projects being postponed.The decision to mothball the project surprised workers from construction group Golding who this week remained on the job undertaking work on the roadway and other civil works. One worker said he had not been told the project had been shelved. The site had once been a convent and laundry, owned by the Catholic Sisters of Mercy since the 1880s.
AIMO Newbie
CWP Price at posting:
$4.21 Sentiment: Sell Disclosure: Held
