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Friday, November 20, 2009

Brisk sales for HSL’s first gated residential area

KUCHING: Hock Seng Lee Bhd (HSL) has sold some 70% of high-end houses within a week of the launch of its first guarded-and-gated residential estate near Kuching International Airport.

Group managing director Datuk Paul Yu Chee Hoe said the project, The Leaf, had a gross development value of RM33mil.

The proposed estate comprises 34 units of semi-detached houses priced between RM700,000 and RM1mil while the 20 terraced houses are sold for RM470,000 each.

The project is due for completion by the end of next year.

“Thousands of visitors have come to see the showhouse since the launch on Nov 7.

“The development is based on a new concept, with a focus on security and landscaping,’’ Yu said yesterday.

The project is undertaken by wholly-owned subsidiary Hock Seng Lee Construction Sdn Bhd.

Yu said the company’s two other residential developments – Lavender Hills (64 units) and Samariang Aman (642 units) had virtually sold out.

Meanwhile, HSL reported record revenue of RM101.7mil and pre-tax profit of RM20.7mil for the quarter ended Sept 30, 2009. This was the first time that its quarterly revenue had exceeded RM100mil.

Group chairman Datuk Idris Buang said the latest quarterly results showed a 28% jump in revenue and 39% increase in pre-tax profit compared with the same period last year.

“With the economic stimulus packages and Sarawak Corridor of Renewal Energy projects flowing down to the tendering stage, we are hopeful of more (job) opportunities,” Idris said in a press statement.

He said the group now had RM1.8bil worth of projects in hand, with RM1.25bil unbilled.

HSL is implementing phase one of the proposed Kuching central wasteway management system, which is expected to take four years to complete.

The entire project will be carried out in four phases and will cost about RM2bil, according to the state government.

By The Star (by Jack Wong)

Axis REIT plans to buy seven warehouses for RM96mil cash

PETALING JAYA: Axis REIT Managers Bhd (ARMB) has proposed to buy seven warehouses in Klang and Seberang Prai for RM96mil from IDS Logistics Services (M) Sdn Bhd.

ARMB said in a statement the sale and leaseback deal comprised five warehouse buildings located in Bukit Raja, Klang, on two pieces of freehold land, while two more were in Seberang Prai, Penang, on separate pieces of leasehold land.

The acquisition was for a total cash consideration of RM71.75mil and RM24.25mil respectively, it said.

The Klang property is located in Bukit Raja Industrial Estate, a premier industrial zone in that area.

The Penang properties are located within the largest industrial estate in northern Peninsular Malaysia, the Prai Industrial Estate Phase 4, about 15km from the Butterworth Ferry Terminal and Railway Station.

The deal comes with a 15-year fixed lease agreement with an option to renew for a further 15 years with IDS Logistics, the current owner and operator.

IDS Logistics is a wholly-owned subsidiary of Hong Kong-based Integrated Distribution Services Group Ltd, a logistics services provider and a member of the Li & Fung Group.

The lease agreements come with an agreed step-up in rental every three years over the 15-year period.

On completion of the acquisition, the fund will, for the first term of the lease, receive RM8mil a year in gross income.

ARMB chief executive office and executive director Stewart Labrooy said the acquisitions would provide a steady income and contribute positively to its earnings next year.

These new acquisitions will also see the company’s assets under management rise to over RM900mil.

By The Star

Gadang bidding for projects worth over RM2b

GADANG Holdings Bhd, a construction and property development firm, is bidding for more than RM2 billion worth of projects in the country, which include works for the new low-cost carrier terminal in Sepang and the gas-fired power plant in Kimanis, Sabah.

The bidding period for both projects will close by next month.

"With the company's past track record and strength in this field, we hope to secure some works from the projects we have bid for," managing director Tan Sri Kok Onn said after the group's annual general meeting in Kuala Lumpur yesterday.

On its water business project in Indonesia, Kok said revenue is expected to rise by 50 per cent for the current fiscal year ending May 31 2010, from RM11.4 million a year ago.
In the next three to five years, Gadang will see water business contribute RM40 million to its revenue once the expansion plans come into place. "We are eyeing Vietnam and China next to expand our water business," Kok said.

The group's property business stands at a gross development value of RM630 million, which will keep it busy for the next five years.

For the financial period ended May 31 2009, Gadang posted a net profit of RM9.7 million on revenue of RM247 million. Net profit fell by 15 per cent compared with the same period a year ago.

By Business Times (by Zurinna Raja Adam)