Hatten Land Limited released a statement on March 20, addressing several “certain media articles” on their project development. The company reports that most of their projects have been completed, such as Hatten City 1 – which contains ElementX, Hatten Place and Silverscape, Hatten City 2 which contains Imperio Mall and Imperio Residences, and Vedro.

Harbour City and Satori, two of the group’s developmental projects, were halted due to the negative impact of the Covid-19 pandemic and related government measures.

Altura EC is slated to be an affordable yet luxurious condominium option situated in a highly accessible location for commuters, with close proximity to MRT station, schools, Bukit Batok Hillside Park, Tengah Region Altura EC and more.HDB auctions Altura EC project in Bukit Batok, winning bid at $662 psf ppr; 375 executive condo units to be developed with 99-year leasehold, estimated Q2 2023 launch.

In August of 2020, Hatten Land signed an agreement with Tayrona Capital that has been incomplete due to Tayrona Capital’s failure to meet their obligations, including the payment of consideration. In February of 2023, the group issued and announced a notice of termination to Tayrona Capital.

Regarding Satori, the delay was caused by their appointed contractor filing for bankruptcy and shutting down. The group is currently tendering for a new contractor, with construction expecting to resume around six months after Harbour City resumes.

The board holds that Hatten Lands will remain a going concern due to the substantial value of unsold complete properties, worth approximately $331.4 million, and their liabilities, such as the $33.4 million securities bonds, are secured by additional hospitality assets provided by a related party, valued at RM238 million.

In addition, Hatten Land will be able to restart collections of over RM230 million of receivables, which was previously on hold. The group has also started a restructuring of its subsidiary MDSA Resources Sdn Bhd to achieve a more sustainable capital structure, working with their creditors and financiers to extend and restructure the repayment plans.

As of March 20, Hatten Land’s shares were closed at 1.6 cents.