news

SunCon keen on KVDT phase 2

PETALING JAYA (June 21): Sunway Construction Group Bhd (SunCon) is keen to participate in the scaled-down tender for Phase 2 of the Klang Valley Double Track (KVDT) project, of which the original cost was deemed too hefty by the Pakatan Harapan government.

“Definitely yes [to submit a tender for the second phase of the KVDT project],” SunCon managing director Chung Soo Kiong told reporters after the group’s annual general meeting yesterday.

Transport Minister Anthony Loke recently announced a review of the KVDT project as the original price tag of RM5.9 billion was too much for debt-ladden Putrajaya to stomach. Loke also said the seven years needed to upgrade the track was too long. However, it is not certain when the tenders would be called.

SunCon’s outstanding order book currently stands at RM6.4 billion with 2.5 to three years of earnings visibility, Chung said.

“Our new order book target of RM1.5 billion to RM2 billion for the financial year ending Dec 31, 2018 will mostly come from in-house jobs,” he said, adding the infrastructure company had secured RM800 million in new orders, having tendered for some RM10 billion worth of work.

Chung also revealed the group is looking to expand overseas this year, particularly to Myanmar and India, and is planning a return to India after a six-year absence.

This article first appeared in The Edge Financial Daily, on June 21, 2018.

For more stories, download EdgeProp.my pullout here for free.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. PH leaders plan to meet PM next week over MoU with federal govt, says Guan Eng
  2. SunCon 3Q net profit down 19%, dragged by MCO, higher steel prices
  3. India to relax quarantine rules for foreign travellers