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Crest Builder expects improved FY17 driven by construction projects

KUALA LUMPUR (June 7): Crest Builder Holdings Bhd aims to register better performance in its financial year ending Dec 31, 2017 (FY17), as it expects to complete several projects under its construction division.

Crest Builder group managing director Eric Yong Shang Ming said the construction division will be the major driver for the group this year.

“Based on the timing of the projects, we are looking to complete a couple of projects this year. Our largest contract to date is Quarza at KL East by Sime Darby Property Bhd, which will be going full swing this year.

“Yes, we are looking to post very good numbers for FY17,” he said at a press conference today, following the group's annual general meeting.

On the group’s RM500 million order book replenishment target for FY17, Yong said Crest Builder has yet to secure any jobs so far this year, but that it is actively bidding for various projects.

“We hope to secure something within the next quarter or so. It will be quite a sizeable one. Nonetheless, we have an outstanding order book of RM1.1 billion, which will last us well into 2018,” Yong said.

Meanwhile, he said the group is tendering for some RM1.8 billion worth of projects and expects more upcoming tenders in the next few months.

“Our tender book will hit the RM3 billion mark, with the tenders coming up. The bulk of it are in Klang Valley, mostly building contracts for various clients,” he said, adding some of these building contracts are related to the Light Rail Transit 3 project.

For the property development division, the group will be launching the residential portion of Latitud8 in Dang Wangi, he said, with gross development value (GDV) of RM750 million.

“In May, we did our international previews to gauge the market conditions of buyers from Hong Kong and China.

“Local-wise, we are targeting a soft launch in September, looking more at business associates from our internal database. We are targeting for a public launch towards the end of the year, in December or January,” he said.

Crest Builder fell 0.5 sen or 0.52% to 95.5 sen in morning trade today, giving it a market capitalisation of RM163.01 million. — theedgemarkets.com

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