KUALA LUMPUR (March 31): Econpile Holdings Bhd has bagged a RM51.63 million contract from Eco Meridian Sdn Bhd to provide bored piling and basement works for a hotel development in Penang.
In a statement, today, the piling and foundation specialist said its unit Econpile (M) Sdn Bhd was awarded the contract for the 453-room four-star business hotel within the Setia SPICE (Subterranean Penang International Convention and Exhibition Centre) development on Penang Island.
Setia SPICE is a public-private partnership between property developer SP Setia and the Penang Municipal Council.
Econpile said the piling and basement works under the new contract are targeted to commence in April 2016, and slated for completion in June 2017.
The project is to revamp the existing Penang Indoor Sports Arena (PISA) and aquatic centre, while adding three components comprising a world-class convention centre, hotel and retail outlets to increase service offerings to the target markets.
The business hotel is reported to be the final component of the development.
Commenting on this, Econpile executive director and group chief executive officer Raymond Pang said the contract winning is a vote of confidence for the group, as Econpile had previously completed the piling and basement works for the convention centre within the Setia SPICE development.
"The continuation of the works for reputed clientele, speaks of our technical expertise, project delivery timeliness and overall competitiveness," he added.
Pan said the group's total order book to date of RM627 million would sustain its earnings until early 2018.
Econpile finished the last trading day of the month, fallen by two sen or 1.61% at RM1.22, after 2.52 million shares exchanged hands.
It had a market capitalisation of RM631.3 million.