1. RM18m is only the finished stock. There is a balance RM187m WIP coming on stream. How much of these are "sold" ? I couldn't find any disclosure in the annual report and quarterly announcement. Especially the main on-going GVH is a build first and sell later project, so the stock amount could be very significant.

That could be the reason why they must get the sales going, otherwise they will be stuck with a huge amount in unsold units in the coming months/year
2. Of the RM305m cash as at 31/3/2016, RM63m is under HDA account. So the free cash is actually RM242m. Let's take RM42m out for the daily operational cashflow. They are left with RM200m. That is not really a huge amount for a property development company especially for a company with not much land bank (see below #3)

With only cash in hand of RM200m, SHL can forget about acquiring large parcel of land bank in Cheras area. Let's talk about Kajang and Semenyih area. Setia in 2011 acquired the SEH land in Semenyih for around RM566k per acre. How much is land price now in 2016 ? Let's say RM800k/acre. With RM200m cash (assuming without borrowing), they can only potentially add 250 acres of land and their cash is dried up. Bear in mind smaller plot of land is much more expensive than a big piece of land.

To put into perspective, Setia's land bank in Semenyih is about 1,600 acres, and for EcoWorld, their land bank in Semenyih is about 1,500 acres

SHL in comparison, is only a medium size developer which is very geographically focused.
3. What is the current land bank for SHL ? The biggest piece is the on-going GVH. Beyond that, they only have only 2 pieces of land above 15 acres (in Batang Kali and Kuala Pilah). Other than that, left are only 4-5 small pieces of land around 10 acres each

After these land banks are depleted, perhaps they have to eye on their golf course land in Sg Long. It is only a matter of time they have no choice but to buy out the existing club members so they can continue to survive in property development business