Posted Jun 1, 2026, 11:51 PM
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Registered User
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Join Date: Dec 2015
Posts: 15,402
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Development Trust reports
Quote:
The Project is currently in the construction phase and progressing in line with expectations. Excavation and shoring
commenced in October 2024 and completed in October 2025. Following completion of this work, the Project
transitioned into the structure phase. The tower crane was erected in July 2025 and the full building permit was issued
in August 2025. Concrete works began in November 2025 and remains on schedule. To date, approximately 17,450
cubic metres of concrete have been poured. Throughout 2026 and into early 2027 concrete for the podium structure
of the building containing the hotel will be progressing, with strip and column pad footings completed shortly
thereafter.
The parkade structure is now complete, and Level 1 slab formwork commenced at the end of Q1 2026. The Project is
transitioning to above grade work in Q2 2026.
Tendering activity is progressing as expected, with approximately 76% of trade contracts awarded. The remaining
scopes, which primarily relate to finishing work, will be tendered in upcoming stages as construction advances above
grade.
Construction and development costs incurred for the three months ended March 31, 2026 include concrete, residential
elevators, plumbing, construction and development management fees and finance costs. With the exception of costs
associated with sales and marketing of the Project, asset management fees, and general and administrative expenses
of the REDT and the Project LP, all of the costs incurred during the three months ended March 31, 2026, have been
capitalized to the property under development.
The Project’s results to date reflect its status of development, with no significant revenue generating operations.
Revenue consisted of rental revenue and financing income, both of which are not material and do not reflect ongoing
operational performance. Given the nature of the Project’s operations, there is no meaningful seasonality in revenue
or net income. Period to period changes are primarily driven by the timing and progression of the development and
construction activities rather than cyclical or seasonal factors.
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https://www.citizenbyanthemdevtrust.com/...20Estate%20Development%20Trust%20MDA.pdf
Quote:
Since the previous update, the parkade structure has been completed, the Level 1 slab poured, and
formwork completed to Level 3. Level 4 represents a larger concrete footprint given its role as the base of the
outdoor amenity space for the hotel. Completion of the podium structure, is targeted by early 2027. To date,
approximately 17,450 cubic metres of concrete have been poured.
Design development of the hotel is nearing completion. The two model suites to be built out onsite are
expected to complete within the first half of 2027. Model suites are full-scale guest rooms built early in the
construction process to test and confirm room design, finishes, furniture layout, lighting, and operational
functionality prior to large-scale construction and procurement. The model suites will subsequently be
integrated into the hotel upon completion.
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https://www.citizenbyanthemdevtrust.com/...n_Investment_REDT_Newsletter_2026_05.pdf
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