KUALA LUMPUR: Fajarbaru Builder Group Bhd
's unit has bagged a RM297.5mil contract from Malton Bhd
to build two tower blocks of high-rise residential development named Duta Park Residences here.
Fajarbaru said on Monday its unit Fajarbaru Builder Sdn Bhd had won a contract from Malton Development Sdn Bhd for the project which is along Jalan Kuching.
The tower blocks comprising 49 levels and 30 levels each, encompass 572 and 268 units respectively. Work on phase one is expected to be completed within 36 months.
“Fajarbaru has additionally accepted to lock in RM108mil for the construction of phase two, a tower block of 46 levels comprising 536 units. The award is subject to confirmation by Malton Development and the locked-in price shall remain valid for 12 months from the commencement of phase one,” it said.
Fajarbaru group executive director Datuk Seri Eric Kuan Khian Leng said: “Fajarbaru is pleased to have secured the contract and it is expected to contribute positively to our earnings from the financial year ending June 30 2020 onwards.
The company will continue to explore and actively bid for more contracts despite the challenging market conditions as part of its efforts to improve its financial visibility.”
He said the current total outstanding order book of Fajarbaru will rise to RM475mil (including RM67mil of Fajarbaru’s own projects) with the addition of this new contract, adding that the order book is expected to support the earnings of the group for the next three years.