KUALA LUMPUR: Fajarbaru Builder Group Bhd
’s wholly-owned subsidiary, Fajarbaru Builder Sdn Bhd (FBSB), has secured a contract from WCT Construction Sdn Bhd, an indirect subsidiary of WCT Holdings Bhd, to undertake the second phase development of AdisonWest located in Larkinton, Johor Bahru, worth RM246.10 million.
Fajarbaru said the latest contract involved the construction of four serviced apartment towers, recreational facilities and amenities, as well as a six-storey podium comprising car parks, commercial lots, and a lobby.
FBSB had previously secured phase one of the project from WCT Construction in April this year.
"The phase two contract period is 36 months commencing on Oct 23, 2024, and shall be completed on Oct 22, 2027,” said Fajarbaru Builder Group in a filing to Bursa Malaysia today.
It added that the phase two contract is expected to contribute positively to the group’s earnings and net assets from the financial years ending June 30, 2025, onwards.
In a separate statement, Fajarbaru Builder Group said inclusive of the first phase, the contract brought the total to eight serviced apartment towers, consisting of 1,024 units for the first phase and 896 units for the second phase.
Following the award of this contract, the group’s order book stands at RM1.23 billion and will provide it with earnings visibility until 2027.
Fajarbaru Builder Group executive chairman Tan Sri Chan Kong Choy said that phase 1 of the project has been progressing very well, which has led to the award of phase two from WCT Holdings.
"We are thrilled to take on the Phase 2 development, which underscores our commitment to delivering high-quality projects,” he said. - Bernama
