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IJM Corp bags RM505m job to build Affin Bank headquarters in TRX

KUALA LUMPUR (Sept 5): IJM Corp Bhd has bagged a contract worth RM505 million to construct and complete the superstructure works of Affin Bank Bhd’s new 47-storey corporate headquarters at the upcoming international financial district Tun Razak Exchange (TRX).

In a filing with Bursa Malaysia yesterday, IJM said its wholly-owned subsidiary IJM Construction Sdn Bhd has today accepted the Letter of Award from Affin Bank Bhd.

The new project will boost IJM’s outstanding construction order book which currently stands at a near all-time high of RM9.3 billion.

The completion period of the project is 26 months; it is expected to be completed by December 2020.

The office building, which has a gross floor area of approximately 76,600 sq m and is built on a land area of 1.25 acres, comprises a 43-storey office tower, a four-storey podium carpark and three levels of underground parking, said IJM in a separate statement today.

“The award of Affin Bank’s new headquarters is a recognition of IJM’s impressive construction and development credentials. We are delighted to be working with yet another esteemed banking industry name. This contract reinforces our track record of building innovative and iconic high-rise projects in the city centre,” said IJM’s managing director and chief executive officer Datuk Soam Heng Choon.

In November last year, the group had also announced developing a 27-storey office tower Menara Prudential in TRX worth RM500 million.

Last week, Soam said the development is currently 93% complete and is on track to be ready by early-2019.

Some of the company’s ongoing prime office tower projects, include HSBC’s new Malaysian headquarters and IJM-owned Menara Prudential in TRX, Equatorial Plaza on Jalan Sultan Ismail, UOB Malaysia’s Tower 2 on Jalan Raja Laut and Uptown 8 in Damansara Uptown.

Shares of IJM closed unchanged at RM1.91 yesterday, with 3.51 million shares done, giving it a market capitalisation of RM6.94 billion. Over the past year, the stock has fallen by as much as 41.57% from RM3.27. — theedgemarkets.com

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