PETALING JAYA: Vestland Bhd
has mutually terminated three of its contracts with Splendid Forte Development Sdn Bhd involving affordable housing projects in Selangor totaling RM550.69mil.
In a filing with Bursa Malaysia, Vestland said the termination involves the Selangor Cyber Valley Phase 1 and Phase II projects in Dengkil, Sepang, as well as the Sierra Alam project in Bukit Raja, Petaling.
The contracts, which were secured in 2022, were awarded under the Selangor state government’s affordable housing scheme involving residential development, infrastructure works and landscaping.
Vestland said the contracts were mutually terminated via termination agreements entered into between the parties on Jan 15, 2026.
Vestland said the mutual termination of the contracts is not expected to have a material impact on the earnings and net assets of the company and its subsidiary for the financial year ending Dec 31, 2026.
“The board, after having considered all aspects, is of the opinion that the termination is in the best interest of the Vestland Group.”
