The land development segment reflects the value of the 403 arpents of freehold land available for future development, the carried cost forlots available for sales as well as the preliminary project planning and design expenses relating to on-going projects. The decrease in 2020relates only to fair value adjustments and reclassification of some preliminary expenses previously capitalised in inventory properties (work-inprogress)to the Income Statement. No sales took place in the 2019-2020 financial year.
The vision for the newly merged entity is to advance our endeavours and to deliver a company that has the foundations and vision to generate further value for our shareholders through Azuri and a number of potential projects in the Indian Ocean Region. The capabilities of our core team and Board members will place BlueLife in position to maximise returns in the coming years, to be best in class, and to enhance the quality of living and lifestyle across the region.