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Monday, 16 January 2017

(The Star) HSL to launch property projects worth RM160mil

They include new phases in La Promenade and Vista Industrial Park
KUCHING: Hock Seng Lee Bhd (HSL) has lined up for launches several residential and industrial property projects in Kuching and Samarahan Divisions with combined gross development value (GDV) of some RM160mil in the coming months.
Corporate affairs director Sonja Gan said the forthcoming launches would include new phases in the company’s flagship mixed development of La Promenade, established residential suburb in Samariang Aman, Highfields estate as well as Vista Industrial Park.
She said to be launched in La Promenade, off Kuching-Samarahan Expressway, is Precinct Luxe (phase 1), which will have 32 double-storey superlink homes with GDV of RM30mil. Precinct Luxe will have a total of 112 units to be built in phases.
Gan said the company had raked in close to RM80mil in sales from La Promenade’s first component – Precinct Premiere - which features luxurious homes offered for between RM1.35mil and RM3.1mil, making them the most expensive homes in a private housing development in Kuching and Samarahan Divisions.
“About 70% of the units offered under Precinct Premiere phase 1 & 2 have been sold. The first phase homes are expected to be delivered to the buyers in mid-2017,” she told StarBiz. These include 12 lavish bungalows and 32 units of luxury duplex.
“These high-end homes are the premium products offered in La Promenade. Covering 200 acres,it is among the most innovative and exciting mixed developments in Sarawak, featuring a modern lifestyle with two-tiered manned security points, electrical perimeter fencing and distinctive landscaping and parklands,including a (man-made) lake,” she added.
La Promenade, which is slated for development over 10 to 15 years, has a GDV of RM2bil. HSL’s new corporate building project is currently under construction there and is expected to be ready for occupation in about two years.
Gan said another planned new launch would feature 84 units of double-storey terraced and semi-detached houses with GDV of about RM45mil in Samariang Aman 2 along Kuching-Damai Road.
“We have completed 642 units of houses for Samariang Aman 1 and 150 units for Samariang Aman 2. The project now is an established residential suburb,” she said.
According to Gan, the forthcoming launch at Highfields,Batu Kawa Road would comprise 22 units of double-storey semi-detached houses with GDV of RM17mil.
Asked if the weak property market is affecting high-end home sales, she replied: “Fiscal cooling measures have dampened the property market somewhat.
“However,innovative products,for example, a total lifestyle concept of green,healthy and secure living, are still finding a market as are well-designed value-for-money products in strategic locations.”
For the Vista Industrial Park at Muara Tabuan here, Gan said another phase comprising 55 industrial buildings with GDV of RM68mil would be launched.
The first phase, which features 56 semi-detached buildings and launched recently, has recorded about 70% in sales. The Vista Industrial Park is located near to the Samajaya Industrial Park that caters for high-tech industries.
When fully completed under a six-phase development with a GDV of some RM250mil, the industrial park will have nearly 200 buildings for the small and medium enterprises (SMEs).
Gan said the property segment under wholly-owned subsidiary Hock Seng Lee Construction Sdn Bhd was expected to make an increased contribution to HSL’s group revenue and profits.
HSL’s core business is in marine engineering and infrastructure projects like construction of roads, water supply, flood mitigation and reclamation works.
According to Gan,the company secured RM1.94bil worth of contracts last year,the biggest among them are the Pan Borneo Highway work package and Kuching centralised wastewater management system project (phase 2).

In the first nine months to Sept 30,2016, HSL recorded group pre-tax profit of RM59.5mil on revenue of RM385.3mil.