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- Real estate company Land & Homes Group (LHM) has provided a quarterly report, detailing its activities over the first three months of 2020
- The company has made progress with the consultants for its Barry Parade and Wharf Street property projects
- During the quarter, the company’s real estate projects incurred expenses of approximately $548,000
- Land & Homes received $48,000 in cash receipts over the quarter, and has roughly $541,000 cash on hand
- Land & Homes Group shares remain grey today, finishing at 0.5 cents per share at market close
Real estate company Land & Homes Group (LHM) has provided a quarterly report, detailing its activities over the first three months of 2020.
During this time, Land & Homes Group focused much of its energy on improving its current property portfolio. The greatest progress was in the company’s Barry Parade project.
In the previous quarter, ending December 31, 2019, the Brisbane City Council granted the amended development approval for the Barry Parade project. Subsequently, Land & Homes Group finalised appointments with the project’s design consultants in the March quarter.
As such, the company was able to start design development for up to 40 per cent of drawings for the project’s Podium levels and Tower 1. In order to manage construction costs, the company has undertaken design development in conjunction with cost planners.
During this time, Land & Homes Group also appointed advertising and marketing consultants for Barry Parade. These consultants are now able to begin working on designing and producing marketing collateral. This will be done in conjunction with the sales agent and design consultants.
This year, Land & Homes Group began the process of exploring the potential refurbishment of its Wharf Street property. To this end, the company appointed consultants to prepare plans for the refurbishment. This group of consultants included an architect for the early-stages project.
During the quarter ending March 31, 2020, Land & Homes Group’s total project expenditure was $548,648. The company’s Barry Parade project incurred the vast majority of those expenses, at $521,798. In the same period, the company’s Wharf Street Property incurred a much smaller $26,850 in expenses.
$151,623 in gross interest was paid to Khosland Management, in relation to convertible notes issued to the entity. The entity is associated with the Chairman of Land & Homes Group, Mr Choon Keng Kho.
Land & Homes received $48,000 in cash receipts over the quarter, and has roughly $541,000 cash on hand.
Land & Homes Group shares remain grey today, finishing at 0.5 cents per share at market close.
