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KUALA LUMPUR (Feb 28): Sunway Construction Group Bhd’s (SunCon) unit has been appointed the project delivery partner for the expansion of a nine-storey commercial development to the existing Sunway Carnival Mall in Seberang Jaya, Penang.
SunCon said Sunway Construction Sdn Bhd (SCSB) was awarded the RM274 million contract by SA Architects Sdn Bhd, on behalf of Sunway REIT Management Sdn Bhd, the manager for Sunway Real Estate Investment Trust (Sunway REIT).
SCSB is tasked with planning and building the development within 32 months from March, SunCon said in a filing with Bursa Malaysia.
SunCon said with this project, its outstanding order book as at to date amounts to RM6.7 billion, and is expected to contribute positively to its earnings from the financial year ending Dec 31, 2018 onwards.
The project is a related party transaction due to SunCon and Sunway REIT’s common major shareholders and unitholders.
This article first appeared in The Edge Financial Daily, on Feb 28, 2018.
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