Kimlun bags RM230.7 mil housing contract

KUALA LUMPUR (Jan 22): Kimlun Corporation Bhd has secured a housing development contract worth RM230.7 million from Nusajaya Heights Sdn Bhd, a subsidiary of UEM Sunrise Bhd.

In a filing with the local bourse, Kimlun (fundamental 1.3; valuation: 2.4) said its wholly-owned subsidiary, Kimlun Sdn Bhd, has accepted the letter of award for the construction of affordable apartments in Johor Bahru, Johor, from Nusajaya Heights.

"The construction work is expected to be completed by August 2017," the property developer said.

"The projects is expected to contribute positively to the earnings and net assets of Kimlun group, for the financial years during the contract period," it added.

Kimlun gained 1 sen or 0.78% to close at RM1.30 today, with 232,900 units traded. It has a market capitalisation of RM387.71 million.

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