Crest Builder targets RM200m-400m in new contracts

KUALA LUMPUR (Sept 11): Construction company Crest Builder Holdings Bhd said it is targeting to secure between RM200 million and RM400 million in new contracts by the end of this year.

Speaking to the press after the company's extraordinary general meeting (EGM) on Tuesday, Crest Builder managing director Yong Soon Chow said the company is currently bidding for several contracts.

"We're expecting some jobs to come in by end of the year. They are mainly building jobs but we're also bidding for infrastructure jobs mostly in the Klang Valley," said Yong.

The company's construction order book currently stands at around RM1 billion.

Crest Builder's key business activity is in construction but it is hoping its property development division will grow in future.

According to Yong, the main driver for its property development division will be the redevelopment of the Dang Wangi light rapid transit (LRT) station and the development of the 2.2ha land owned by Malaysia Rubber Board (MRB) along Jalan Ampang.

"We expect physical works for the Dang Wangi project to begin by the second quarter of next year and the MRB project will also be along the same timeline," said Yong.

The Dang Wangi and Jalan Ampang developments have an estimated gross development value (GDV) of RM1.04 billion and RM1.3 billion respectively.

Yong said he expects the two projects to start contributing to Crest Builder's earnings by 2014.

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