TAFI unit secures RM30mil contract for mixed commercial project in JB

KUALA LUMPUR: Tafi Industries Bhd's wholly owned unit TAFI Home & Office Sdn Bhd has secured a RM30mil contract from Buana Tunggal Sdn Bhd for construction works at a mixed commercial development at Permas City in Johor Bahru.

In a statement, the group said TAFI Home & Office will also be entitled to a 30% share of the net gross development value proceeds of certain units of properties under the Permas City project, which is estimated to be about RM6mil.

The construction-related works on the project will commence in December 2021 and is expected to take 12 months to complete.

The group said revenue from the said construction related project is expected to start coming in by end of December 2021.

"The project will contribute positively towards TAFI’s future earnings and is also a sign that we are on the right track in our efforts to grow our construction business.

“Since TAFI Home & Office Sdn Bhd is holding a G7 licence issued by the Construction Industry Development Board, which allows it to tender for construction projects of unlimited value, we will work towards tendering and securing higher value construction contracts from both the private sector and also government sector to further grow our revenue stream from construction contracts”, said Datuk Sri Bryan Wong.
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