Southern Score Builders Bhd executive director and chief executive officer Gan Yee Hin
PETALING JAYA: Southern Score Builders Bhd
(SSBB) has received a letter of award from Smart Advance Resources Sdn Bhd to serve as the turnkey contractor for the proposed development of three residential apartment blocks in Setapak, Kuala Lumpur, worth RM315mil.
In a filing with Bursa Malaysia yesterday, the construction management specialist said the project comprised 198 free cost residential units from level eight to 36 (Block A), 358 free-cost residential units from level eight to 37 (Block B) and 238 affordable housing units from level eight to 37 (Block C).
SSBB said the proposed development would also consist of one facility floor and swimming pool, eight floors of podium car parks, a guard house and a 11 kilovolt Tenaga Nasional Bhd main switch station.
The completion date of the project is expected to be 54 months from the date of commencement, or within such extended date as the contract provides.
In a statement, SSBB executive director and chief executive officer Gan Yee Hin said the latest contract is a booster for the company, as it is the second it had secured this year.
“This RM315mil project, along with the single largest contract we clinched in February will bring total contracts secured in 2024 to RM933.2mil.
“Currently, the group’s outstanding order book stands at RM1.4bil, providing SSBB clear earnings visibility for the next few financial years.”
Additionally, Gan said SSBB’s tender book continues to be healthy.
Gan expects more construction projects to be rolled out in the coming months, both in the public and private sectors.
“At the same time, the group is mindful of the demanding environment and continues to leverage on our asset-light delivery model that provides scalability and flexibility while lowering risk exposures.
“The outlook for SSBB remains bright premised upon our improved order book and our active participation in tenders,” he said.
SSBB said the contract would not have any effect on the share capital and shareholding structure of the company and would not have any immediate effect on its net assets per share as well as gearing.
“However, the project is expected to contribute positively to the net assets and earnings per share of the company and its group of companies for the financial year ending June 30, 2025 onwards until the completion of the project,” it added.
