BlueLife’s total assets value went down from MUR 4.5 billion to MUR 4. 2 billion from December 31, 2017 to June 30, 2018. This drop is attributable to the cumulative effect of the sale of assets in 2018, the reduction in inventory value and land development cost on completion of residential development, posted to the Group’s Income Statement, as well as the fair value losses and impairment on assets.
The land development segment continues to carry the value of the 403 arpents of freehold land bank for future development as well as the initial expenditure in relation to the recently launched project of Rive Droite. No work-in-progress is currently reflected as we have completed and sold in full the Riviera project and the carried Work-in-progress cost has been released to the Income Statement.