The Land settlement of $9 million for the Brookvale development...

The Land settlement of $9 million for the Brookvale development is only part of the costs involved in the Grange ROC Property development. There would be possibly $4 to $5 million in construction/advertising costs for Lumley Park and Carter Toorak developments during the Quarter as building construction continues.
Whilst I'm not overally excited about the property development, its would be wise to keep the property development in perspective.
Currently there are 5 x units at Lumley Park sale price $2.1 million = $10.5 million
https://www.realestate.com.au/property-apartment-vic-prahran-130415670
Carter Toorak 8 x units sale price $1.85 million = $14.8 million
https://www.realestate.com.au/property-apartment-vic-toorak-130422154
The Brookvale development whilst they've paid through the nose for the land with house and duplex ie 3, 3A and 5 Brookville St Toorak its also a fact the Land/houses in the area are expensive looking at past sales in the area.


The Development application shows $8 million in construction costs.
This is twice the project costs for Carter Toorak.
These units will sell for $2.5 to $3 million upwards
8 units x $3 million =$24 million.

I note a few shareholders have sold recently, I for one am holding as I think the property development will actually perform OK. With so many HC sellers its no wonder the share price has retreated from 35c to 30c.
Money is currently being spent out of the kitty, but the amount to come back will be the entire capital expenditure paid back first plus 50% of the profits. Total unit sales will be of the order of $48 million. By my pesimistic calculations, the capital expenditure return will be $38 million plus $3 million in profits. Still better thank bank interest.