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Econpile inks RM43.98m piling and substructure works contract for Tropicana Gardens

KUALA LUMPUR (Oct 19): Econpile Holdings Bhd has inked an RM43.98 million contract to undertake  demolition, earthworks, piling and substructure works for the Tropicana Gardens mixed development in Kota Damansara.

In a bourse filing, the group said its wholly-owned subsidiary Econpile (M) Sdn Bhd (EMSB) had secured the contract from Tropicana Indah Sdn Bhd.

The group said the 16-month contract will be focused on the mixed development, which is composed of a 42-storey commercial block that sits on top of an 11-storey podium block and a basement car park.

Tropicana Gardens’ 42-storey commercial block houses 630 serviced apartment units and 397 small office, flexible office (SoFo) units, it added.

This commercial block will be built on top of the 11-storey podium, which consists of two-storey business space, an eight-storey carpark and a level for a lobby and facilities.

Econpile noted that the contract is the mainstream business of EMSB, and that it is expected to positively contribute to the group’s top and bottom line for financial years ending June 30, 2020 (FY20) and (FY21)

The group’s chief executive officer and executive director Raymond Pang said in a statement that the group’s latest win showcases its competitive edge.

“Having previously performed works for Tropicana Corporation Bhd in 2012 to undertake basement works for W Hotel & Residences, securing two contracts for their separate high-rise developments signifies a strong vote of confidence from the client in our technical capabilities and our commitment to timely deliveries,” said Pang.

He added that with this contract win in hand; the group has secured RM72.7 million worth of contracts year to date for FY20. Its order book stands at some RM850 million, which provides earnings visibility for the next two years.

On Oct 7, the group announced that EMSB had secured an RM20.8 million earthworks, soil nailing works, piling and pile cap and basement lowest floor slab works  contract from Tropicana  Metropark Sdn Bhd, for the Tropicana Metropark mixed development in Subang Jaya.

Econpile’s share price closed 2.78% or two sen lower at 70 sen yesterday, valuing the company at RM936.25 million. The counter saw some 6.61 million shares traded.

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