Sunway bags RM243.69m commercial building construction contract

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KUALA LUMPUR (June 4): Sunway Bhd's subsidiary Sunway Construction Sdn Bhd (SunCon) has bagged a construction contract worth RM243.69 million to build one block commercial building in Bandar Sunway.

In a filing with Bursa Malaysia today Sunway (fundamental: 1.5; valuation: 2.4) said SunCon accepted the Letter of Award (LoA) from SA Architects Sdn Bhd in relation with the proposed development.

The group said the proposed development entails three-storey of semi basement car park from Level B2 to LG, three-storey retail space comprising 46 shop units from Level G to Level 2, four-storey office space comprising 228 office units from Level 3 to Level 6, four-storey retail space from Level G to Level 3, one block of 27-storey service apartment comprising 318 units from Level 9 to Level 35 together with 5 levels of podium car park.

SunCon is a subsidiary of Sunway Construction Group Bhd, which in turn is a subsidiary of Sunway.

Sunway pointed out the project will be divided into two zones.

"It shall commence on June 25, 2015 with the targeted completion date for Zone 1 and Zone 2 on Feb 28, 2017 and March 31, 2018 respectively.

"The project is expected to contribute positively to the earnings of Sunway from the financial year ending Dec 31, 2015 onwards," it said.

Shares in Sunway inched up five sen or 1.44% to close at RM3.52, for a market capitalisation of RM6.083 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)