IJM Corp group chief executive officer and managing director Datuk Lee Chun Fai.
PETALING JAYA: IJM Corp Bhd
’s wholly-owned subsidiary, IJM Construction Sdn Bhd, has bagged a RM1.4bil contract from New Pantai Expressway Sdn Bhd to design and build the New Pantai Highway Extension (NPE 2).
The highway will be fully-elevated and connect the Pantai Dalam Toll Plaza on the existing NPE to the Jalan Istana Interchange via Jalan Syed Putra.
Construction is set to begin in the fourth quarter of financial year 2025 and is expected to be completed in 48 months.
IJM Corp’s group chief executive officer and managing director, Datuk Lee Chun Fai, said the contract win marks the third project above the RM1bil mark this year following the RM1.4bil fast-track data-centre in Johor and the RM2.135bil hyperscale data-centre development in Elmina.
“These wins reflect IJM Construction’s progress in delivering large-scale projects across industrial and infrastructure sectors,” he said.
The win puts IJM Construction’s total outstanding order book at its highest on record – RM15.2bil. The figure also includes its successful ventures in the United Kingdom and Singapore.
The company’s domestic order book is about RM9.3bil, mainly backed by its balanced portfolio of industrial and infrastructure projects.
Analysts have been positive about IJM Corp’s trajectory growth, particularly its construction franchise.
CGS International Research (CGSI Research) has reiterated its “add” rating on the developer with a target price of RM3.61 a share.
In a report, the research firm said IJM Corp has successfully been building its portfolio and is on track to hit its targets.
On Oct 29, 2025, it announced it won the mechanical and electrical (M&E) fit-out works for the data centre in Elima.
“IJM was likely the frontrunner for M&E works given it has already won the core and shell works, which gives it some synergies and better coordination for the client.
“They do not give specific margin guidance but this project should be in the range of 69% at the pre-tax level.
“We also suspect this is a cost-plus contract, which will give it some buffer in terms of fluctuations in foreign exchange and material prices,” CGSI Research said.
The research house also noted that IJM Corp is likely to have more wins in the future – including the Nusantara housing project, Penang light rail transit and airport, Sarawak road projects and other industrial buildings.
“We like IJM for its strong construction franchise and its synergistic spun concrete piles business.
“In our view, re-rating catalysts include faster award of projects and higher property sales while downside risks are slow project awards and higher raw material costs.”
IJM Corp shares closed up six sen to RM2.46 yesterday, valuing the company at RM8.97bil.
