AFR mentioned today that CBD property value are under intense pressure as vendors are dramastically reduce price, with upcoming sale of the Stock exchange building in syd likely to demonstrate this.
btw that building is the Martin Place building.
as i mentioned b4, offer is in the low 400mil compare to valuation of 475-500mil in 2008. MOF bought 50% of that building for 200mil in 2002.
so if it is sold for say 430-450mil...215-225mil for 50% holding, not much profit for 6yr of ownership...and MOF will looking at a 10-15% drop in value.
hmmm hope that wont be the case. otherwise it can be a bad news for MOF.
MOF Price at posting:
20.5¢ Sentiment: LT Buy Disclosure: Held
