Sunway Geotechnics awarded contract to build office tower in Bandar Sunway

KUALA LUMPUR: Sunway Geotechnics (M) Sdn Bhd, a wholly-owned subsidiary of Sunway Construction Sdn Bhd which in turn is a wholly-owned subsidiary of Sunway Holdings Bhd has on May 17 accepted the letter of award for a RM88 million contract from Sunway City Bhd (SunCity).

The contract is for the earthworks, piling and substructure works of a proposed 24-storey office tower with 6-storey basement car park on part of Lot 42, Jalan PJS11/15, Bandar Sunway, Sunway Holdings said in a Bursa Malaysia listing on May 17.

The proposed project is targeted to be completed on Nov 14, 2011 with a construction period of 18 months. It is expected to contribute positively to the earnings of the Group for the financial year ending Dec 31, 2010 onwards.

The project is a related party transaction as Tan Sri Dr Cheah Fook Ling is a director and major shareholder of Sunway Holdings and SunCity.