Econpile bags RM29.4 mil piling contract

KUALA LUMPUR (April 22): Econpile Holdings Bhd has bagged a piling and related works contract from TWY Development Sdn Bhd for the latter’s TWY @ Mont Kiara duplex condominiums, valued at RM29.4 million.

In a statement today, the piling and foundation specialist said its subsidiary Econpile (M) Sdn Bhd was contracted by TWY Development to undertake earthworks, piling, and basement construction works for the housing project.

TWY Development is a subsidiary of Symphony Life Bhd, which is formerly known as Bolton Bhd.

TWY @ Mont Kiara features two 51-storey blocks consisting of 484 luxury Small Office Home Office (SOHO) units, with a seven-storey podium and three-storey basement car park.

The project has an estimated gross development value of RM250 million over 2 acres.

Econpile's executive director cum group chief executive officer Raymond Pang said securing the contract for TWY @ Mont Kiara is a feather in their cap, as Econpile has undertaken piling works for high-rise luxury developments by Symphony Life and Bolton in recent years, including 6 Ceylon, Arata @ Bukit Tunku, and The Wharf Residence @ Taman Tasik Prima.

"The continued vote of confidence from our customers speaks positively of our quality and scope of piling and sub-structure services. We are elated to continue supporting our customers' iconic developments," he added.

Together with this latest contract, Econpile's total order book to date exceeds RM540 million, which will be recognised till 2016, said the company.

It added that the contract is expected to contribute positively to the Econpile's financial performance for the financial years ending June 30, 2015 and FY16.

Econpile shares closed 1 sen or 0.93% lower at RM1.07 for a market capitalisation of RM572.45 million.