Damansara Heights skyline will be very different and will be one of the most expensive and upscale housing markets in Malaysia when Pavilion Damansara Heights is reday..
KUALA LUMPUR: Econpile Holdings Bhd
has clinched its single largest contract to-date -- a RM570.4mil deal from Malton Bhd’s unit Domain Resources Sdn Bhd to carry out foundation and basement works for a mixed development project in Pusat Bandar Damansara, Kuala Lumpur.
In a filing with Bursa Malaysia on Wednesday, the piling and foundation specialist said unit Econpile (M) Sdn Bhd had received the letter of award the previous day to undertake contiguous bored pile, piling works, basement structure works and earthworks for a nine-block office and three blocks of serviced apartments on top of a four-storey retail podium.
The development, whose name is not given in the announcement but which Econpile disclosed as Pavilion Damansara Heights in a press statement, also includes a one-storey lower ground level and eight-storey basement.
It was reported that Pavilion Damansara Heights, with a RM7bil gross development value, was expected to be completed by 2021.
Canada Pension Plan Investment Board had agreed to invest RM485mil for a 49% interest in the joint venture with the Pavilion group to develop the project, its first direct real estate investment in the region.
Econpile said the contract’s duration was 28 months.
In its press statement, Econpile said the newest contract propelled its order book to a record-high of RM1.4bil, to be recognised over the next two years. This is the first time its outstanding order book has risen above the RM1bil mark.
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