SunCon bags RM100m mixed development job

KUALA LUMPUR (Dec 6): Sunway Construction Group Bhd (SunCon) has bagged a RM100 million construction contract for a mixed development in Cheras.

This brings SunCon’s new order book secured to date to RM1.5 billion, the group said in a filing with Bursa Malaysia.

SunCon’s unit Sunway Construction Sdn Bhd accepted the letter of award issued by SA Architects Sdn Bhd on behalf of Sunway Integrated Properties Sdn Bhd (SIPSB).

SIPSB is an indirect subsidiary of Sunway Bhd, which in turn is a major shareholder of SunCon, making the deal a related-party transaction.

The project comprises three floors of commercial area, eight floors of office area, 11 floors of serviced apartments, pedestrian decks and four floors of basement car park.

The project, which is expected to be completed by April 2021, would contribute positively to the earnings of the group from the financial year ending Dec 31, 2019 onwards, said SunCon.

SunCon’s share price closed down five sen, or 3.19%, at RM1.52 yesterday, with a market capitalisation of RM1.97 billion.

This article first appeared in The Edge Financial Daily, on Dec 6, 2018.

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