WCT up 2.63% on plans for residential project at TRX

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KUALA LUMPUR (Jan 10): Shares in WCT Holdings Bhd, which is substantially owned by Tan Sri Desmond Lim of the Pavilion group with a 19.67% stake, rose 2.63% this morning after the group said it would with China-based China Communications and Construction Group (CCCG), jointly develop the first residential project at the Tun Razak Exchange (TRX) here, with an estimated gross development value (GDV) of RM1.1 billion.

At 9,10am, WCT rose 2 sen to 78 sen with 537,400 shares traded.

Its joint venture company with CCCG, CORE Precious Development Sdn Bhd, officially held the groundbreaking ceremony today and is understood to still be in the midst of tendering the project to a main contractor. CORE Precious is 20%-owned by WCT and the other 80% is owned by CCCG.

The development features two serviced residence towers and one serviced apartment tower and is scheduled to be completed around the end of 2022.