Proven rethinks real estate strategy

PROVEN Group Limited is moving away from financing and building its own real estate developments, with plans to recover approximately US$63 million from projects nearing completion before shifting towards a partnership-driven model that requires less capital.

The change comes as the regional investment company seeks to improve cash flow and shareholder returns after years of tying up substantial funds in property developments, some of which have taken longer than anticipated to complete and sell.

Speaking at the company’s annual general meeting on Thursday, Group CEO Johann Heaven said the immediate priority is to complete existing developments, hand over units and collect outstanding proceeds, while avoiding fresh capital commitments to construction projects.