KUALA LUMPUR: WCT Holdings Bhd , led by executive chairman Tan Sri Desmond Lim, has received a letter of intent (LOI) from Lendlease Projects (M) Sdn Bhd (LLPM) to award the company a RM555mil contract for the development of a mixed commercial property project at Tun Razak Exchange (TRX).
The development will comprise four levels of shopping complex, three levels of car park, one level of open landscape with retail space and an information centre on a plot identified as on lot PT157, Seksyen 67, Jalan Tun Razak / Jalan Davis, Kuala Lumpur.
WCT told Bursa Malaysia today that it had received the letter of intent on Wednesday.
The actual award, WCT said is subject to the terms of a preliminary works agreement (PWA) executed between Lendlease and WCT on July 12 and the execution of a trade contract prior to Oct 10.
“The trade contract sum for the works shall be in the lump sum of RM555mil,” it said in a filing with Bursa Malaysia.
WCT said it will proceed with certain preliminary works, which include procurement of performance bond and all relevant insurance, as well as site mobilisation activities.
“WCT is entitled to be paid up to a maximum of RM27.75mil for carrying the preliminary works under the PWA,” it said.
Lendlease has a 60:40 joint venture with TRX City Sdn Bhd to develop the TRX Lifestyle Quarter.