HUA Yang Bhd's modern commercial property project Medan Selayang in the Klang Valley worth RM600mil is expected to be completed by end of 2004.

In a statement, Hua Yang chief executive officer Chor Eng Choon said that the project was part of the company's strategy to expand into the Klang Valley.

He said that Hua Yang also planned to further develop 946 units of service apartment, targeted mainly for middle-income earners.

Chor said that the company would continue to explore opportunities to expand and grow especially in the Klang Valley.

He said that the company acknowledged the competitive and challenging road ahead for the property market.

Nevertheless, Chor said, the company's proven track record and experience in the property market as well as its prudent management put it in good stead to remain competitive and sustain further growth.

Hua Yang reported an after-tax profit of RM18.41mil for the year ended March 31, 2003, an increase of 6.97% compared to the previous year's RM17.21mil.

The company recorded a turnover of RM108.4mil, an increase of some 8.98% compared to the previous year.

Profit attributable to shareholders stood at RM18.17mil for the financial year under review, an increase of 7.69% compared to the previous year.

Source : The Star 26/5/2003