News about construction

The construction will consist of 1,604 units of serviced apartments in two 60-storey blocks, which also comprise a level of basement car park, 8 levels of elevated car parks, two levels of mezzanine as well as recreation facilities.

Syed Mohamed, who is also the chairman of JLand Group Sdn Bhd, Waqaf An-Nur Corp Bhd and KPJ Healthcare University, brings with him over 40 years of experience leading prominent organisations across various industries.

Chin Hin said the demand for building materials in Malaysia remains robust, with economic growth expected to normalise in 2024, supported by ongoing major infrastructure projects.

For the property development segment, “the company’s immediate priorities moving forward remain on enhancing its cash flow by monetising its unsold completed stock”, which stood at RM384.

The contract, effective immediately, is slated for an eight- month duration with a completion date set for Oct 6, 2024.

In a filing with Bursa Malaysia on Wednesday, the construction company said the contract, awarded by Chingsan Development Sdn Bhd, is expected to contribute positively to its revenue and earnings from the financial year ending June 30, 2024 onwards.

Prior to the current earthworks contract for the Gamuda Gardens Park project, Advancecon had previously completed earthworks for the adjacent Gamuda Gardens township in Rawang in 2020.

AZRB considered the outstanding sum claimed by FMSB through the winding-up proceeding as not a material debt.

"This pivotal agreement entails an immediate disbursement of RM1.

AZRB said, however, that AZSB is not a major subsidiary of the company and that it does not anticipate any financial and operational impact due to the filing of the petition.