Gagasan Nadi wins RM110m apartment contract in Putrajaya

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KUALA LUMPUR (Jan 7): Gagasan Nadi Cergas Bhd, which is slated to be listed on the ACE Market tomorrow (Jan 8), announced that it has secured an RM109.99 million contract to build two blocks of apartments in Putrajaya.

In a filing with Bursa Malaysia, Gagasan Nadi said its wholly-owned subsidiary Nadi Cergas Sdn Bhd has received and accepted a letter of award from Putrajaya Homes Sdn Bhd to build the public residential development.

The project, located at Presint 11, comprises the construction of 463 apartment units, a three-storey multilevel car park and common facilities block, and upgrading works on part of the designated green area and buffer zone.

Gagasan Nadi said the contract is for a duration of 34 months and is expected to be completed by November 2021.

"The contract is expected to contribute positively to Gagasan Nadi Cergas and its subsidiaries (group)'s earnings and net assets per share from the financial year ending Dec 31, 2019 onwards until the completion of the contract," the group said.

The group previously announced that the public tranche of its initial public offering had been oversubscribed by 20.2 times. Its IPO entails a public issue of 140 million new shares and offer for sale of 60 million existing shares at 30 sen per share, representing 26.6% of the group's enlarged share capital.