SunCon and Sunway REIT agree to contract revision to RM286m

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KUALA LUMPUR (July 20): Sunway Construction Group Bhd (SunCon) and Sunway REIT Management Sdn Bhd have mutually agreed to revise the provisional contract sum of an ongoing project in Penang from RM274 million to RM286 million due to additional scope of works.

In a filing with Bursa Malaysia today, SunCon said its wholly-owned subsidiary Sunway Construction Sdn Bhd (SCSB), as the project delivery partner, received the supplemental letter of award today from SA Architects Sdn Bhd on behalf of Sunway REIT Management Sdn Bhd, which acts as the manager for Sunway Real Estate Investment Trust (Sunway REIT).

SunCon said the additional scope of works involves enhancing the design of the external façade of the building, civil and infrastructure works and other related works and services.

In February, SCSB was appointed the project delivery partner for the expansion of a nine-storey commercial development to the existing Sunway Carnival Mall in Seberang Jaya, Penang.

SCSB is tasked with planning and building the development within 32 months from March.

Shares of SunCon closed down 5 sen or 2.56% to RM1.90 for a market capitalisation of RM2.455 billion. Meanwhile, Sunway REIT closed unchanged at RM1.72 per unit with a market capitalisation of RM5.066 billion.