Net profit rose to HK$829.3 million for the fiscal year ended March 31, from HK$267.8 million a year earlier, despite turnover falling 3 percent to HK$1.89 billion. It proposed to lift its final dividend to seven cents from five cents a share.

``The group's property development in Hong Kong - its core business - has achieved excellent results,'' HKR said in a press release.

Hong Kong's property market jumped by about 30 percent last year, thanks to an 8.1 percent economic growth that created more jobs and prompted companies to raise salaries.

The property market revival enabled HKR to book HK$339 million from revaluation of investment properties in the fiscal year ended March, up from HK$53 million a year ago. It also didn't accrue any impairment loss on property or equipment, compared to HK$115 million a year earlier.

HKR, the developer of Discovery Bay on Lantau Island, said more than 95 percent of the 250 flats marketed at its Siena Two property were sold at an average HK$3,400 to HK$4,100 per square foot. The company also said flats at Block 2 of Coastal Skyline, which it launched for sale in September 2004, were sold for HK$3,800 per square foot. HKR holds 31 percent in the 2,022-unit Coastal Skyline and a 50 percent stake in the Siena project. Sales results exceeded targets for both properties.

HKR did not disclose the number of flats it sold during the fiscal year or sale proceeds.

In China, HKR said the redevelopment of its project in Jingan, near Shanghai, has been delayed due to government measures to curb property sector growth. The developer, which raised more than HK$1 billion from a mainland projects bond sale this year, is ``actively prospecting'' other Shanghai area projects. staff.reporter@singtaonewscorp.com