WCT climbs on RM1.1b TRX residential project news

During the quarter in review, the construction and property development company saw its revenue grow 14.1% to RM539.79mil from RM472.88mil in the previous corresponding period, while its earnings per share increased to 2.71 sen from 2.62 sen previously.

KUALA LUMPUR: Shares in WCT Holdings Bhd rose 2.63% in early trade Thursday on news that it would jointly develop the first residential project at the Tun Razak Exchange (TRX), with an estimated gross development value (GDV) of RM1.1bil.

WCT rose 2.63%, or two sen to 78 sen with 1.7 million shares done. WCT-WE gained 12.5%, or one sen to nince sen. 

WCT and China-based China Communications and Construction Group (CCCG), will jointly develop the first residential project at TRX, with an estimated GDV of RM1.1bil.

WCT said its joint venture (JV) company with CCCG, CORE Precious Development Sdn Bhd, officially held the groundbreaking ceremony yesterday to symbolise the commencement of project construction. 

CORE Precious is 20%-owned by WCT and the other 80% is owned by CCCG. 

The project features two serviced residence towers and one serviced apartment tower and is scheduled to be completed around the end of 2022.

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