Nestcon bags RM230m contract to develop serviced apartments in Selangor

KUALA LUMPUR (June 30): Newly-listed building and construction services provider Nestcon Bhd has bagged a RM230 million contract to build serviced apartments in Sungai Buloh, Selangor.

The group announced the contract, bagged via its wholly-owned Nestcon Builders Sdn Bhd from Mightyprop Sdn Bhd, in a bourse filing today.

The contract involves earthworks, foundation, substructure, main building works and infrastructure for the construction of one 46-storey serviced apartment block — comprising 593 units, with a four-storey podium and relevant facilities, 27 retail units, and a five-storey basement car park — at Damansara Perdana.

The project will start on July 1 and construction is expected to be completed within 40 months.

Nestcon, which made its ACE Market debut yesterday and became the second most actively traded stock of the day, closed at 32 sen, four sen above its initial public offering price of 28 sen on its maiden trading day. It settled unchanged today, valuing the group at RM206.02 million.

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