Hatten Land to restart construction activities at Harbour City

The company received approval for its arrangement scheme for project owner, Gold Mart.

Hatten Land will resume construction activities at Harbour City, a large-scale hospitality project in Melaka, Malaysia.

In a bourse filing, the Singapore-based property developers said it has received majority approval for its proposed scheme of arrangement for Gold Mart from the latter’s unsecured creditors.

Gold Mart is the owner and developer of the Harbour City project.

Under the scheme, creditors will waive a substantial amount of liquidated ascertained damages (LAD).

“The remaining LAD shall be settled by way of proceeds received from the sale of the Assigned Properties, being certain unsold units of Harbour City, thereby preserving the Group's cash reserves,” Hatten said.