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- The contract, awarded by CI Medini Sdn Bhd, will be carried out in two phases, said the company in a bourse filing.
KUALA LUMPUR (Aug 12): MGB Bhd (KL:MGB) said it clinched an RM185.99 million contract on Tuesday to develop serviced apartments in Iskandar Puteri, Johor.
The contract, awarded by CI Medini Sdn Bhd, will be carried out in two phases, said the company in a bourse filing.
Phase 1 comprises 405 units of apartments on 32 floors of a tower block, along with a seven-storey podium car park with facilities on the eighth floor. Construction is scheduled to begin on Sept 1 and is targeted for completion in November 2027.
Phase 2 will have 397 units of apartments on 31 floors of a second tower block to be completed within 18 months from a yet-to-be-confirmed commencement date.
MGB said the latest win will boost its outstanding order book to RM1.21 billion and is expected to contribute positively to the company’s earnings and net assets over the contract period.
MGB shares closed half a sen or 0.99% lower at 50 sen, giving the construction and property development solutions provider a market capitalisation of RM292.93 million.
Since the start of this year, the counter has fallen over 32%.
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