Pacific Century Premium Developments, the property arm of PCCW, said first-half net profit rose 167 per cent after it sold more units at Residence Bel-Air, the luxury residential complex next to Cyberport in Pokfulam. Net income surged to HK$703 million in the six months to June from HK$263 million a year earlier, beating JP Morgan's estimate of HK$695 million. Turnover rose 58.1 per cent to HK$5.27 billion, mostly from the sales at Bel-Air, up from HK$3.34 billion a year earlier. Earnings more than doubled to 29 HK cents per share but the company kept interim dividend unchanged at 1.5 HK cents per share. PCPD, of which PCCW owns 62 per cent, is seeking other projects as it expects to sell out all units at Bel-Air over the next few years. Its first telephone exchange project, in Wo Fung Street, Sheung Wan, will be redeveloped into a building with 150 flats in 2008. Presales start next year. PCPD has two projects on the mainland, including a 200,000 square foot redevelopment of a telephone exchange building into a luxury housing complex in Beijing.