Benalec said the recognition of a land disposal during the current quarter had lifted its topline.

The mammoth project was placed on the back burner, as the property developer had issues finding and providing strategic access to the site, according to its chief executive Lau Shu Chuan.

Developed by Mah Sing Group Bhd, the OLO serviced residence comprises 197 units with built-up sizes from 782 sq ft. The minimum selling price starts from RM603,000.

The contract entails the construction of a 17-floor building comprising 756 units of serviced apartments and another nine floors of 108 units of serviced apartments built above the podium.

Improvement in revenue was attributed to higher progress of projects under its construction segment, while higher other operating income seen during the quarter had boosted profitability.

Sime Darby Property has signed on Turner International, an international construction services company, as its project and construction management consultant for the design, quality and delivery of three Sime Darby projects.

In an SGX filing, the company stated that the price was derived based on “as is” market valuation of Aviva Tower of £323 million, without accounting for any potential redevelopment value.

The construction company also has an order book of about RM1.61 billion, which can last for two years, 60% of which comes from LBS Bina, which owns 56% of ML Global.

Revenue grew 11% to RM1.49 billion in 2QFY17 from RM1.34 billion in 2QFY16.

The RM74.39 million contract included works to relocate a craft museum, Karyaneka office and the National Heritage Department office to Bangunan Sultan Abdul Samad as part of the MRT Line 2 project.