Mypravda, Point Grey is definitely worth something but I guess...

Mypravda, Point Grey is definitely worth something but I guess while it's on the books it also has its share of holding costs undeveloped and much bigger costs to be spent on developing it......and that's perhaps the biggest risk for the company. I guess that's part of the issue for real estate investors in general-asset rich cash poor. It's the same as those Oceanique apartments as well. They've been sitting idle for about five years to my knowledge and I would have thought if they were selling, the company would be keeping the market updated so I'm not too optimistic about that....Both of these developments are about an hour south of Perth I believe. However, having said all that, as each Oceanique apartment moves off their books, it puts much needed cash back into the company and is one less liability for them to think about. I suspect their major focus really is on the eastern seaboard where they feel they can develop and turnover properties in a timely fashion and get the company finances back into order regardless of languishing WA assets that may remain stuck on their books for who knows how long. I hope you're right and they have been offloading apartments so best to be positive like your good self. Not sure how long they have marina approval for but it all gets down to having the cash to develop it firstly and secondly there has to be a market for the lots to be sold into and one has to guess that's why the focus is now on the eastern seaboard where the property market has been running hot. I suspect they'll sell Point Grey if they get a good enough offer on it, or develop it as a joint venture but I don't think they'll touch it until some of their other developments are safely off their books, should be an interesting story to follow.....if you have the patience!