Crest Builder secures RM448.5mil commercial development contract

KUALA LUMPUR: Crest Builder Holdings Bhd's wholly-owned subsidiary Crest Builder Sdn Bhd has received a contract worth RM448.5mil from Sunway Velocity Three Sdn Bhd for the proposed commercial development of service apartments in Section 90, Jalan Shahbandar, Kuala Lumpur.

In a statement, the property developer said the contract is for the construction of the Sunway Velocity 3 commercial development (Plot A), which will consist of 1,604 units of serviced apartments in two 60-storey blocks, which also comprise one level of basement car park, eight levels of elevated car parks, two levels of mezzanine as well as recreation facilities.

The construction works will take approximately 43 months to complete from its scheduled site possession date of March 15, 2024, and targeted to be completed by Oct, 14, 2027.

Crest Builder said its outstanding order book now stands at about RM1.8bil, the group's highest on on record, and will provide it with earnings visibility for the next four years.

"We are very pleased to have secured this prestigious project from the Sunway Group, adding to our portfolio of top developers in the country.

"With our first contract for the year, I am confident that we will achieve our RM500mil order book replenishment target," said managing director Eric Yong Shang Ming.

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