Siab Holdings has accepted the settlement arrangement after all parties mutually agree to terminate the Impressions U-Thant Project and Dawn Project.
The estimated timeframe for the issuance of the final accounts of Impressions U-Thant Project and Dawn Project is within the next three months from 31 March 2023, the date when Siab M, YTBD and YTB Impression Sdn Bhd have mutually agreed in principle to terminate the Impressions UThant Project and Dawn Project, subject to a Mutual Termination Agreement to be entered into at a later date.
The estimated timeframe for the certification by the consultants of the balance outstanding amount will be within two weeks from the issuance of the final accounts of the projects. The contractual defect liability period for Impressions U-Thant Project is 27 months commencing from the date of completion, which is as estimated by YTBD, to be in the fourth quarter of the
financial year ending 2023.
The net book value of the completed unit of service apartment from Amber Cove at Impression City, Malacca is not publicly available. However, based on the latest audited financial statement of YTBI, the net book value of the development properties under construction was RM151.35 million, which comprise of Amber Cove, The Dawn, Terra Square and overall common infra cost within Impression City.
