Nestcon Builder, a fully owned subsidiary of Nestcon, has accepted a letter of award (LOA) for the construction of a mixed-use development in Kuala Lumpur, Malaysia.
Awarded by Altimas, the contract is valued at RM251.5m ($54.16m).
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The mixed development will be situated in Taman Kuchai Jaya, encompassing several land lots.
The project includes main building works of the proposed mixed development of parcel 2, featuring two blocks with one block of 30-storey apartment suites comprising 408 units.
The other block will include 526 units, amenities, car parks and shops.
Contract work is expected to commence this month, with an expected completion date of 2 November 2026, spanning 34 months.
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By GlobalDataThe contract also includes a defect liability period of 24 months following the issuance of the practical completion certificate.
It is anticipated to have a positive impact on Nestcon’s net assets per share and earnings per share throughout the contract duration.
The company is expected to execute the contract works in line with the supplementary terms and conditions outlined in the LOA.
Nestcon’s board of directors said: “The board, after having considered all aspects of the LOA and the contract works, is of the opinion that the LOA and the contract works are within the ordinary course of business of Nestcon and the acceptance of the LOA is in the best interest of the company.”
Nestcon Builders engages in construction activities while Altimas specialises in property development.
