In its filing on Bursa Malaysia on June 9, the payment for the project will be made half in kind, in the form of land, and half in cash. The project will be completed by Dec 2012.
“We expect the project to contribute positively to Group bottom line, while the land allocation will add to our existing land bank of some 600 acres and provide further opportunities for our successful property development division,” HSL’s Managing Director Datuk Paul Yu Chee Hoe said.
HSL has RM179 million reclamation and infrastructure works for the shipping industrial estate in Tanjung Manis, RM136 million Sibu Flood Mitigation works, several road works throughout the state, building construction projects including educational institutions and additional reclamation works for industrial estates, among other on-going projects.
“It is an exciting time for Sarawak and with roads into the interiors to be built, the development of hydro-power facilities and rapid urbanization requiring water management, flood mitigation and sewage systems,” Yu said.
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