Hatten Land Limited has issued a statement on March 20 to clarify the group’s projects mentioned in “certain media articles”. Most of the projects have been completed and delivered to their respective buyers, including Hatten City 1, Hatten City 2, Vedro and Imperio Mall & Residences.

After a decade of providing leisure and edutainment, JCUBE will JCube Residence close to make way for a 40-storey residential and commercial development, JCube Condo Residence. With completion in 2027, it will be linked to amenities in the Jurong Lake District, with potential launches including a nearby 6.8-hectare white site.

Unfortunately amid the Covid-19 pandemic and related government measures on tourism and hospitality in Melaka, the activities of two of the projects under development, Harbour City and Satori, have been stalled.

The agreement signed with Tayrona Capital in August 2020 however, has yet to be completed as they have failed to meet certain obligations, including payment of consideration, leading the group to issue a notice of termination in February 2023. This agreement has resulted in the group halting the collection of receivables from customers, amounting to more than RM230 million.

As for Satori, the delay was brought about by its appointed contractor filing for bankruptcy and going out of business, thus the group is currently looking for a new contractor and expects construction to resume six months after Harbour City.

The board of Hatten Land affirms its continuation as “a going concern” with the substantial value of unsold completed properties estimated to be worth RM1.107 billion as of June 30, 2022. Their liabilities, such as the US$25 million secured bonds, are secured by additional hospitality assets provided by a related party of the company with a market value of RM238 million.

Furthermore, the strategic restructuring of its subsidiary, MDSA Resources Sdn Bhd, has been done to restructure its legacy contractual obligations. The group has worked with creditors and financiers to extend or restructure repayment plans.

At the close of trading on March 20, shares in Hatten Land were at 1.6 cents.