Sunway gets RM222m KLCC development project

KUALA LUMPUR: Sunway Bhd, through Sunway Construction Sdn Bhd, has been awarded a RM222 million contract by Cititower Sdn Bhd for the mixed development project at Persiaran KLCC in Kuala Lumpur.

Cititower is  a joint venture between KLCC (Holdings) Sdn Bhd and QD Asia Pacific Ltd. QD Asia Pacific Ltd is a wholly owned subsidiary of Qatari Diar real estate investment company, an investment arm of Qatar Investment Authority.

In a filing with Bursa Malaysia yesterday, Sunway said the contract comprises the construction and completion of piling and sub-structure works as well as associated works for the mixed commercial development project on two lots of land at Persiaran KLCC.

The project is slated for completion within 82 weeks. Sunway will commence work after the site has been handed over. The handover date has yet to be determined.

“The project is expected to contribute positively to the earnings of Sunway group from the financial year ending Dec 31, 2013 onwards,” Sunway said in the filing.

It said the proposed project is subject to normal construction risk of materials price fluctuation.

“However, with the past experience and expertise of Sunway Construction in construction projects in Malaysia, this risk could be mitigated,” it added.

This article first appeared in The Edge Financial Daily, on April 30, 2013.

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