KUALA LUMPUR (Nov 21): Gabungan AQRS Bhd has received a letter of intent from KotaSAS Sdn Bhd to build 1,004 landed homes in Kota Sultan Ahmad Shah (KotaSAS), Kuantan, Pahang. The project's value is RM189.22 million.

With the addition of the project, Gabungan AQRS's outstanding order book amounts to RM2.77 billion.

In a filing with Bursa Malaysia today, Gabungan AQRS said its wholly-owned subsidiary Gabungan Strategik Sdn Bhd has received the letter of intent from KotaSAS Sdn to appoint Gabungan Strategik as a turnkey contractor to undertake the construction works.

The project will be divided into four phases, with Phase 1 to commence in 2018 and complete after two years. Phase 2, 3 and 4 will commence in 2019, 2020 and 2021 respectively and will also complete after two years at commencement.

"The project is expected to contribute positively to the group's future earnings," said Gabungan AQRS.

Gabungan AQRS shares closed down one sen or 0.52% at RM1.92 today, with 981,200 shares done, bringing a market capitalisation of RM841.13 million.