Epicon's wholly owned subsidiary Transnational Builder has secured a letter of award (LoA) for a project in Perak, Malaysia.  

Transnational Builder specialises in constructing affordable residential housing and commercial properties. 

Awarded by Maju Teluk Batik, the latest contract is valued at RM191.13m ($40.35m). 

The scope of work detailed in the contract includes the main building tasks for two apartment blocks, a car park structure, and an ancillary building. 

It also includes mechanical, electrical, infrastructure, and landscaping services for a mixed development. 

The development is located on parcels PT 276071 and a section of PT 276072 in Bandar Meru Raya, Mukim Hulu Kinta, Daerah Kinta, Negeri Perak Darul Ridzuan. 

This three-year contract is anticipated to positively impact Epicon's financial performance from the financial year ending 31 December 2024, and onwards.

It is set to commence this month with completion expected on 18 March 2027. 

With this new contract, Epicon's total outstanding order book has risen to RM840m, marking an increase from RM649m recorded at the end of the previous year.  

Epicon's board of directors said: “The letter of award is entered into in the best interest of the company, is fair, reasonable and on normal commercial terms, on arms’ length basis, and is not detrimental to the interests of the minority shareholders of the company.” 

Last December, Epicon entered into a consortium agreement with PNSB Construction, a subsidiary of Permodalan Negeri Selangor, to lead an affordable housing development in Selangor. 

This partnership intended to offer Selangor's citizens high-quality homes at affordable rates, addressing a critical need within the region.