SINGAPORE - Listed company firm Singapore eDevelopment, formerly known as CCM Group, said on Monday (Sept 11) that flooding caused by Hurricane Harvey has not affected its Black Oak development in Houston, Texas.
The project - located on higher ground - is in an area that recorded 81cm of rainfall when Hurricane Harvey struck, the company said in a Singapore Exchange filing.
It said: "The land parcel of the Black Oak development is highly elevated - between 134 feet and 176 feet (40.8m and 54m) above sea level, (it) is not exposed to dams, levees, and reservoir, there is some physical distance between the development and major water receiving creeks and the geographic location of Black Oak development's detention pond system."
Singapore eDevelopment added the supply of houses and apartments in Houston is reportedly expected to drop sharply as a large number of homes were destroyed during Hurricane Harvey.
"In addition, the increased strain on a tight labour market, diminished supply of unoccupied homes, along with an increased demand for new homes to accommodate displaced and relocating families could result in an increase in home sale prices during the rebuilding period.
"The board believes that the Black Oak development is well positioned given these factors," said the firm.