KUALA LUMPUR (Jan 20): Engineering and construction group Vizione Holdings Bhd has bagged a RM170 million construction project in Kota Kinabalu.
Vizione said the design and build contract awarded by Laju Damai Sdn Bhd involves one block of 29-storey service suites totaling 664 units, as well as two blocks of three-storey shop offices comprising 38 units, along with carpark block, mechanical and electrical and external works.
The project will further enlarge the group's order book and is expected to provide a steady stream of revenue for the group over the next three financial years, the group said in a filing with Bursa Malaysia.
The project will commence on March 1, 2020 with an expected completion date on May 31, 2023.
In a separate statement, Vizione managing director Datuk Ng Aun Hooi said the group's current outstanding order book is at RM2.7 billion and that the projects in final negotiations are expected to at least be more than double the existing outstanding order book in the near future.
"This design and build contract is the first of these projects that is expected to replenish and increase our order book. These projects include hospitals construction, roads construction, dams construction, flood mitigation works, construction of waste management facilities, sewerage construction works and construction of mixed and industrial properties,” he said.
“Furthermore, some of the projects in the order book which were delayed earlier due to project owners amending the project mix to cater to changing market conditions, are now expected to commence towards the second half of 2020, pending finalization of revised development orders.
"As such, we see our earnings will improve substantially going forward," Ng added.
Shares of Vizione closed unchanged today at 87 sen, for a market capitalisation of RM509.90 million.