WCT JV accepts letter of award for a sub-contract worth AED479 mil for Yas Island construction works in Abu Dhabi

PETALING JAYA (June 19): WCT Holdings Bhd said a joint venture (JV) involving its subsidiary has accepted a letter of award for a sub-contract worth AED479 million (approximately RM528.99 million) for construction works at a commercial and residential development project on Yas Island, Abu Dhabi, according to a Bursa Malaysia filing yesterday.

The letter of award was accepted by WCT International Sdn Bhd (WCTISB), a wholly owned subsidiary held through WCT Bhd, and Construction General Contracting House Ltd (CGCH) through a 50:50 unincorporated joint venture. Aldar Development LLC is the employer and project owner.

The scope covers non-foundational structural, architectural, mechanical, electrical and plumbing, and external works across three commercial and residential buildings — two 12-level blocks on Plot C38 and one 12-level block on Plot C39, each with two basement levels. Foundational works, including piling and excavation, are excluded and will be executed by others.

The sub-contract works are expected to commence in the third quarter of 2026 and are scheduled for completion within 972 days from commencement. The parties expect to incorporate a 50:50 JV company, either directly or through their wholly owned subsidiaries, to enter into a formal sub-contract.

WCT said none of its directors, major shareholders or persons connected with them has any direct or indirect interest in the sub-contract.

The sub-contract sum is AED479 million, equivalent to approximately RM528.99 million. The JV between WCTISB and CGCH is structured on a 50:50 basis.

What this means: The award expands WCT's exposure to construction activity in the UAE through the Yas Island development. The sub-contract remains subject to execution of a formal agreement and incorporation of the JV company.

..........

Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!