Share
- SCIB first secured the contract in May 2021 to build 632 residential units for RM120 million. The value of the job was revised in April 2024, when SCIB announced that it had received a revised contract for the project, with the value rising to RM162 million.
KUALA LUMPUR (Oct 31): Sarawak Consolidated Industries Bhd (KL:SCIB) said it has accepted a second revised contract worth RM172.4 million to build affordable housing in Kota Bharu, Kelantan.
In a filing with Bursa Malaysia, the construction and precast concrete firm said its unit had accepted the revised Letter of Award from Perbadanan PR1MA Malaysia (PR1MA) for the project.
SCIB first secured the contract in May 2021 to build 632 residential units for RM120 million. The value of the job was revised in April 2024, when SCIB announced that it had received a revised contract for the project, with the value rising to RM162 million.
Under that revision, SCIB was required to complete the works within 36 months, and provide a 24-month defect liability upon the issuance of a certificate of completion and compliance for each section.
In the latest revision, SCIB said the project value was increased by RM9.95 million to reflect adjustments to the project cost in line with an updated scope of work, preliminary requirements and value-engineering efforts.
The project, which should still be completed in 36 months, will cover the full spectrum of engineering, procurement, construction and commissioning (EPCC) services, it added.
“Our continued involvement in PR1MA underscores our capabilities in delivering large-scale residential projects that support the government’s aspirations for affordable housing,” said SCIB executive chairman Datuk Chong Loong Men.
He added that the company will continue to explore new opportunities and is seeking professional advice before presenting the revised contract for board approval.
Shares in SCIB ended half a sen or 2% lower at 24.5 sen on Friday, valuing the group at RM171.3 million.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
