Damansara Realty bags RM57m car park management contract

This article first appeared in The Edge Financial Daily, on July 14, 2017.
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KUALA LUMPUR: Damansara Realty Bhd (DBhd) has won a contract worth S$18.14 million (RM56.6 million) from the Singapore Sports Council (SSC) to manage car parks at SSC’s sports centres for five years starting Sept 1.

In a filing with Bursa Malaysia yesterday, DBhd said its wholly-owned subsidiary Metro Parking (M) Sdn Bhd, through its 70%-owned unit Metro Parking (Singapore) Pte Ltd, has received the letter of acceptance (LoA) from SSC.

The contract is effective after the LoA and bank guarantee were submitted to SSC yesterday.

In a separate statement, DBhd said the contract will contribute to the group’s revenue for the financial year ending Dec 31, 2017.

“We are elated by this contract which underscores the track record of our parking subsidiary, even outside Malaysia. Metro Parking is an important cash-generating component of our integrated facilities management division,” DBhd group chief executive officer Brian Iskandar Zulkarim said.