“The LRT 3 project is already 10% completed and we are at the redesigning stage,” MRCB chief operating officer Kwan Joon Hoe told reporters after the group EGM on Thursday.
The LRT 3 project has been stalled for almost a year pending a review in light of the revelation by the Finance Ministry (MoF) that the total cost of the line had ballooned to RM31.65bil.
The government then approved the continuation of the 36km-long track at a reduced final cost of RM16.63bil, less 47% of the original cost.
This resulted in a series of negotiations between the MoF, Prasarana Malaysia Bhd and the project's main contractors MRCB and George Kent (Malaysia) Bhd.
On Jan 25, MRCB-George Kent Sdn Bhd entered into a fixed-price contract with Prasarana, the project owner, instead of adopting a project-delivery-partner (PDP) model.
Kwan said the overall LRT 3 project is now valued at RM11.8bil and is expected to be completed in 2024.
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