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Stamford Land Corporation Ltd ( (SG:H07) ) has shared an announcement.
Stamford Land Corporation has disclosed that its subsidiary HSH Hotels (Australia) Ltd, as trustee of the Macquarie Park Village (2018) Trust, has been named as a defendant alongside Parkview Construction in legal proceedings brought by the owners’ corporations of Macquarie Park Village in the Supreme Court of New South Wales over alleged design and construction defects at the residential mixed-use development. The claims cover a range of alleged defects involving concrete works, façade, drainage, tiling and fire utilities, with statutory warranty breaches asserted, while HSH has in turn filed a cross-claim against Parkview Construction for breach of contract, statutory warranties and indemnification; although the potential damages remain unquantified and the case is at an early stage, the company expects any direct liability to be limited to the assets of the Macquarie Park Village trust, though a forced replacement of HSH as trustee for other trusts could trigger significant stamp duty costs, creating a potential indirect financial exposure for the wider group.
The most recent analyst rating on (SG:H07) stock is a Hold with a S$0.50 price target. To see the full list of analyst forecasts on Stamford Land Corporation Ltd stock, see the SG:H07 Stock Forecast page.
More about Stamford Land Corporation Ltd
Stamford Land Corporation Ltd, through its wholly owned subsidiary HSH Hotels (Australia) Ltd, is involved in property development, including large-scale residential mixed-use projects such as Macquarie Park Village in New South Wales, Australia.
Average Trading Volume: 634,450
Technical Sentiment Signal: Buy
Current Market Cap: S$738.9M
See more data about H07 stock on TipRanks’ Stock Analysis page.