Far East Consortium's latest Aussie project pre-sold 700 apartments

That's 80% of UWS Phase 1.

According to Maybank Kim Eng, 80% of Upper West Side (UWS) project in Melbourne, Australia-Phase 1 was delivered over FY3/13; virtually all of the 700 apartments were presold. 

Here's more:

The remaining unbooked revenue of HKD330m is expected to be recognised in FY3/14F. Together with the project’s unrecognised presale proceeds of HKD1.95b for Phase 2 (584 units, 97% presold with construction to complete in Aug 2013) and HKD230m for Phase 3 (282 units, 70% presold), FEC has cumulative contracted presales of HKD4.9b as at Mar 2013.

The group plans to launch 4-6 projects in FY3/14, with total saleable resources of HKD6.3b. 

With the recognition of Phase I of the UWS project, FEC reported a net profit growth of 102% YoY to HKD903m.

Since the company repurchased 230m
shares at HKD1.23/share in Jul 2012, EPS grew at a higher 117% YoY to HKD0.5, while book value/revalued BV per share rose by a substantial 19%/26.1% YoY to HKD4.53/HKD8.45. FEC’s full-year payout ratio stood at 39%, translating into a FY3/13 DPS of HKD0.13, or a historical yield of 5%.