KUCHING: Hock Seng Lee Bhd (HSL) has raked in sales of over RM30mil following strong take-up rates of its first industrial park project in Muara Tabuan, which caters to small and medium enterprises.
About 33 out of the proposed 56 industrial buildings or 60% under phase I of the Vista Industrial Park project have been sold, said property arm Hock Seng Lee Construction Sdn Bhd property development senior manager Tay Chiok Kee.
He said the proposed semi-detached factories with a floor area of 3,000 square feet were offered at around RM1.15mil each and are scheduled for completion in the second quarter of 2017.
With a gross development value (GDV) of RM250mil, the Vista Industrial Park project will comprise close to 200 factories that will be built under a six-phase development.
Tay said the project had attracted many buyers due to its strategic location in an established industrial area.
It is also close to the Sama Jaya Free Industrial Zone, which houses high-tech industries like multinational electronic companies.
“Most of the buyers are from nearby industries which are planning to expand their businesses. Among them are companies involved in food packaging, spare parts, hardware and construction.
“With good sales recorded in phase I, we plan to launch the second phase later this year,” added Tay.
Phase I is the biggest among the six planned phases in terms of the number of factories.
On HSL’s flagship residential development, La Promenade, along the Kuching-Samarahan Expressway, Tay said a new residential estate project “Precinct Luxe”, which offers premium super-link homes, also recorded strong sales since its launch last month.
Precinct Luxe offers a total of 112 units in phases. The first phase with a GDV of RM30mil comprises 32 units, out of which 17 units have been snapped up despite the weak property market. The units with a floor area of 2,224 sq ft are priced from RM860,000 to RM1.2mil.
La Promenade, a premier guarded and gated high-end residential estate on 80ha, has a GDV of over RM2bil. The project is slated for development in phases over 10 to 15 years.
The project stirred up some excitement when its first component - Precinct Premier - was unveiled last year.
With a GDV of RM70mil, Precinct Premier offers 12 lavish bungalows priced between RM2.31mil and RM2.47mil and 32 luxury duplex villas marketed from RM1.42mil each, making them the most expensive homes in the fast-expanding Samarahan division. All the bungalows were snapped up, while 21 villas were sold during the launch.
The developer is expected to soon open a dedicated sales gallery and an additional show house in La Promenade. HSL’s other ongoing residential developmnent is Samariang Aman 2 in Kuching City North area.
Meanwhile, HSL managing director Datuk Paul Chee Hoe (pic) said the group had secured 13 new projects worth RM1.85bil in the first six months of this year.
The projects include a Pan Borneo Highway work package and Kuching centralised wastewater management system phase II projects worth a combined RM1.71bil.
The group currently has an all-time high order book of RM2.6bil, with RM2.3bil outstanding.
A leading infrastructure-based company, HSL reported a group pre-tax profit of RM37.7mil on a revenue of RM249.3mil in the quarter ended June 30, 2016. Over a six-month period, the company recorded a group pre-tax profit of RM49.2mil and turnover of RM336mil.