GEORGE TOWN (Oct 19): WCT Holdings Bhd has been awarded an RM754.8 million infrastructure and roadway works at Tun Razak Exchange (TRX) today. The construction firm is also buying a 1.7 acre residential land for RM223 million or RM3,100 per sq ft.
In a statement, 1MDB Real Estate Sdn Bhd's chief executive officer Datuk Azmar Talib said, “WCT is a well-known name when it comes to large-scale construction, infrastructure and engineering works, and given their solid track record, we are happy to continue working with them for the TRX project.”
WCT won the bid through a tender process, which was executed through a multi-stage evaluation process. The tender process was overseen by a third party independent audit company, where 11 companies were shortlisted following the pre-qualification stage, before WCT was selected.
The two-year contract would cover underground road structures, installation of direct buried utilities, at-grade and elevated roadway, as well as associated earthworks, and mechanical and electrical works. This follows an earlier award of earthwork contract package in 2013.
The proposed residential development to be undertaken by WCT has an estimated gross development value of approximately RM1.1 billion, according to 1MDB Real Estate’s statement.
The 1.7-acre land has a plot ratio of more than 10 times, and the purchase was based on RM288 per sq ft of approved gross floor area.
WCT Holdings, which also made a filing to Bursa Malaysia today, said the development would comprise a tower block of high-end serviced apartments with complimentary retail components.
“The land is strategically located within TRX. With its excellent location and its planned world-class infrastructure, together with excellent accessibility and connectivity, we are confident that the proposed development will be well received by the prospective investors and purchasers,” said WCT Holdings' managing director Taing Kim Hwa.
TRX’s master plan also includes implementing site-wide infrastructure with a sizable public realm and excellent sustainable facilities, such as a wastewater recycling plant that will cut potable water demand by 50%.
The financial district is investing close to RM3.8 billion for its infrastructure, with phase one scheduled for completion in 2018, which would include the TRX mass rapid transit (MRT) interchange station on site.
WCT's share price closed five sen or 3.65% higher at RM1.42 today, for a market capitalisation of RM1.64 billion.
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