I dont have interest in S V Global. By and large, there needs to be a definite plan of monetizing the land.
These kind of investments are based on whether the joint venture will be able to secure the necessary approvals from the govt & financing to develop the land. For legacy parcels securing approvals is a long drawn out process and tests the patience of everyone.
In investing in these situations one needs to have some idea about the real estate market etc and some level of trust on the company. This is to be decided subjectively and based on channel checks etc which requires effort.
Developers have a general perception of being untrustworthy so if you invest in these situations you are going against the commonly held perception.
Best of Luck