Developer's earnings surge 209pc on robust demand for its Lantau homes Discovery Bay developer HKR International should achieve relatively strong sales for its Lantau Island projects, despite the slowing property market, analysts say. Riding on the sales of projects in Tung Chung and Discovery Bay, the developer's net profit jumped a better than expected 209 per cent to $829.3 million for the year to March. Although turnover eased to $1.89 billion from $1.95 billion in the previous year, earnings per share surged to 72 cents from 23 cents. More than 95 per cent of the 250 units released for sale at Siena Two in Discovery Bay were sold during the year, HKR said. The average unit price was $3,400 per square foot in high-rise towers and $4,100 per square foot in low-rise buildings. Block 2 of Coastal Skyline in Tung Chung, which was launched in September last year, was sold at $3,800 per square foot. Adrian Ngan Wai-hung, regional property analyst at BNP Paribas Peregrine, said the firm's earnings for this financial year would rely heavily on the 13th phase of Discovery Bay, due for completion later this year. 'The firm's profit should be sustainable given that the project can be completed within this year,' said Mr Ngan, adding that the relatively tight supply of new flats was bolstering HKR's property sales in Discovery Bay. Mr Ngan said his target price for the firm's shares was $6.50 within the next 12 months. HKR's share price rose 2.85 per cent to $5.40 yesterday. Its projects on the mainland have been delayed because of the central government's measures to curb the overheated property sector there, HKR said. 'Demolition and resettlement works of the group's development project in Jingan, Shanghai, have experienced some delays,' it said in its results announcement to the stock exchange yesterday.