Comintel to develop 42-storey serviced apartments in Bukit Jalil for RM168.3 mil

• The project also consists of three strata shop units on level 1, four levels of podium parking, three levels of lower ground parking facilities for residents, one unit of electrical substation and one guard house.

KUALA LUMPUR (March 31): Comintel Corp Bhd has bagged a contract to develop a 42-storey serviced apartment block in Bukit Jalil for RM168.3 million.

Comintel’s wholly-owned subsidiary, Binastra Builders Sdn Bhd on March 31 accepted the Letter of Award from Exsim Bukit Jalil City Sdn Bhd for the project.

The project also consists of three strata shop units on level 1, four levels of podium parking, three levels of lower ground parking facilities for residents, one unit of electrical substation and one guard house.

The contract will commence on April 10, 2023 and will be completed within 33 months from the commencement date, the company said in a filing.

This is Comintel’s fourth contract win since its shares resumed trading in December following the completion of its regularisation plan which saw the entry of JT Conglomerate Sdn Bhd (JTC) as a controlling shareholder.

In the period, Comintel bagged its second and third apartment project from Mightyprop Sdn Bhd in Damansara Perdana for RM227.64 million and RM231.11 million, and a RM170.7 million housing construction project in Kampung Kasipillay from Butirjaya Maxim Development Sdn Bhd.

Prior to that, it also took over the abandoned Empire Residence project in Sungai Buloh for RM183.15 million from Mammoth Empire Holdings Sdn Bhd.

The group returned to profit in the financial year ended Jan 31, 2023 (FY230 with a net profit of RM16.5 million from a net loss of RM8.1 million, as revenue rose more than four-folds to RM188.7 million from RM38.5 million.

Shares of Comintel closed unchanged at 84 sen per share, giving the company a market capitalization of RM321.3 million.