Fajarbaru wins RM297.5 million construction job from Malton
KUCHING: Fajarbaru Builder Group Bhd (Fajarbaru) announced that its wholly owned subsidiary Fajarbaru Builder Sdn Bhd (FBSB) won a contract worth RM297.5 million to develop two tower blocks of high rise residential development named Duta Park Residences in Kuala Lumpur (Phase 1).
A filing with Bursa Malaysia showed that FBSB had accepted the award from Malton Development Sdn Bhd (Malton Development), a wholly-owned subsidiary of Malton Bhd (Malton) in regard to the contract.
The development located along Jalan Kuching comprises two tower blocks made up of 49 levels and 30 levels each, encompassing 572 and 268 units respectively. The construction work for Phase 1 of the development is expected to be completed within 36 months from its commencement.
Fajarbaru has additionally accepted to lock in a sum of RM108 million for the construction of phase 2, a tower block of 46 levels comprising 536 units (Phase 2). The award is subject to confirmation by Malton Development and the locked in price shall remain valid for a period of 12 months from the commencement of Phase 1.
“Fajarbaru is pleased to have secured the contract and it is expected to contribute positively to our earnings from the financial year ending June 30, 2020 onwards,” Fajarbaru Group executive director Datuk Sri Eric Kuan Khian Leng said on the new project award.
“The company will continue to
Fajarbaru is pleased to have secured the contract and it is expected to contribute positively to our earnings from the financial year ending June 30, 2020 onwards. Datuk Sri Eric Kuan Khian Leng
explore and actively bid for more contracts despite the challenging market conditions as part of its efforts to improve its financial visibilty.”
He said that the current total outstanding order book of Fajarbaru will rise to RM475 million (including RM67 million of Fajarbaru’s own projects) with the addition of this new contract, adding that the order book is expected to support the earnings of the group for the next three years.