For the property development sector, the temporary halt of the construction works of the group’s ongoing projects, namely Vivo Executive Apartment and Viluxe, to comply with the full Movement Control Order (MCO) imposed by the Malaysian government to curb the spread of the Covid-19 infection in the country, as well as the severe supply chain disruptions and unskilled foreign labour shortage due to the temporary entry ban to Malaysia, has severely impacted the construction progress.
Malaysian-based property developer Aspen (Group) Holdings is expecting a net loss for its 1HFY2022 ended December 2021.
Based on its preliminary review and assessment of current information, the net loss for the period is attributable mainly due to the unprecedented business disruptions caused by the Covid-19 pandemic to the operations of the group.
