12 June 2019

Crest Builder eyes ECRL-related projects.


KUALA LUMPUR: Crest Builder Holdings Bhd is eyeing to bid for non-infrastructure projects for the East Coast Rail Link (ECRL) such as depot stations in Negeri Sembilan and West Pahang. The company participated in a preliminary qualification exercise in May, with the results to be announced by year-end, its managing director Eric Yong Shang Ming said. “Construction is our main forte. As of now, we are focusing on our strength which is construction and property development,” he said after the company’s annual general meeting here today.
It was reported that more than 1,000 construction companies nationwide are eyeing the 40 per cent civil works portion of the RM44 billion ECRL project following a Pre-Q exercise to identify potential subcontractors. A total of 1,321 submissions from CIDB-registered companies were received by ECRL’s main contractor, China Communications Construction Company Ltd (CCCC), during the Pre-Q exercise on May 29 and 30, 2019.
Meanwhile, Yong said that the company is positive that the property market would rebound in the second quarter of this year. “For the past two years, the market has been on a downtrend and as of now we can see that the market has picked up. Several of our projects’ target launches have been delayed due to several reasons including realignment and rezoning,” he said.
The target dates of three of its retail, residential and office projects – Latitude 8 in Dang Wangi, the MRB project at Jalan Ampang and the Kelana Jaya LRT area in Kelana Jaya – have all been delayed for at least three to four years. The gross development value for the three projects is RM3.43 billion.
He added that currently, the company has secured about RM100 million worth of projects and is aiming to secure another RM500 million in the second half of this year. “Currently, we have an order book of RM1.4 billion. As for the market outlook, we are optimistic that the market would pick up backed by higher demand especially on the construction side,” he said. Yong said currently, development and construction equally contribute 50 per cent to the total company revenue, although in the coming quarters, construction is expected to pick up and contribute 70 per cent to the total revenue.
– BERNAMA

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