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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)

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