Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on January 25, 2018

KUALA LUMPUR: Piling and foundation specialist Econpile Holdings Bhd has bagged an RM119.1 million contract from Bayu Mantap Sdn Bhd to undertake substructure and basement works for the redevelopment of Tenaga Nasional Bhd’s quarters here.

In a filing with Bursa Malaysia yesterday, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd had received a letter of award from Bayu Mantap for the proposed job.

“The contract entails works for a planned mixed development with two tower blocks, comprising a 45-storey corporate tower with a seven-storey multilevel carpark and a 57-storey tower containing serviced residences and a hotel, as well as a two-storey commercial development with a four-storey basement carpark,” it said.

Econpile added that the overall duration of the contract is estimated to be 22 months and is expected to contribute positively to the group in the financial years ending June 30, 2018 to 2019.

“Mixed developments in choice locations in the Klang Valley remain the preferred development type by customers, given its capacity to cater to various target markets. Along with this latest award, we have secured five contracts totalling RM441.9 million in FY18 (financial year 2018) thus far, and hope to bolster our growth even further,” said Econpile executive director and group chief executive officer Raymond Pang.

The group’s current order book now stands at RM1.4 billion, which will be recognised over the next three years.

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