Nestcon secures RM188.5mil construction contract

KUALA LUMPUR: Nestcon Bhd has secured a construction contract worth RM188.5mil from Konsortium Exsim Development Sdn Bhd (KED).

In a filing with Bursa Malaysia, Nestcon said its its wholly-owned subsidiary, Nestcon Builders Sdn Bhd had accepted the letter of award from KED. KED is principally involved in property development.

The contract entails the construction of a 39-storey building comprising 608 units apartment suite and 3 units retail shop in Jalan Klang Lama, Kuala Lumpur.

“The contract sum for the project is a fixed lump sum of RM188.5mil, and payment shall be made to Nestcon Builders progressively based on the actual work done as valued and certified by the architect,” Nestcon said.

The overall contract period for the project is within 36 months from the date of commencement and the project is expected to be completed for handover on or before Jan 18, 2025.

Nestcon said the project is expected to contribute positively to the net assets per share, earnings per share and gearing of the company for the financial year ending Dec 31, 2022 and throughout the duration of the project.