Hong Leong Investment Bank (HLIB) sees Hock Seng Lee (HSL) Bhd's land acquisition move at Bandar Samariang in Sarawak as being positive following the company's successful project previously.
The land is nearby its award-winning residential project, Samariang Aman.
"We believe it will do well due to the positive spill over effects from Samariang Aman," it said in a research note.
The project involves 1,500 houses -- semi-detached, quadruplex, terraced, 2,000 affordable units and 40 shophouses, it said.
The bank said the RM2.10 per square feet acquisition price looked attractive from the RM5 per sq ft market price for the area.
The research house is recommending a "buy" call on Hong Seng Lee,
maintaining its RM2.20 target price. -- Bernama
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