KUALA LUMPUR (Jan 31): Crest Builder Holdings Bhd's unit has bagged a contract worth RM99.6 million to construct a 26-storey hotel at Jalan P Ramlee in the heart of Kuala Lumpur.
In a filing to Bursa Malaysia this evening, Crest Builder said the contract was awarded to Crest Builder Sdn Bhd by Techvance Properties Management Sdn Bhd.
The contract period is for 27 months, starting from Feb 18, 2019. The contract is expected to contribute positively to the earnings of the group for the financial year ending Dec 31, 2019 and onwards.
It was previously reported that AmFIRST Real Estate Investment Trust had sold a 13-storey office building at Jalan P Ramlee for RM36 million to Techvance back in December 2015. The property at that time was known as the AmBank Group Leadership Centre.
In a separate statement, Crest Builder said this contract win will boost its outstanding order book to about RM950 million, which will provide earnings visibility for the next three years.
"We are delighted to have secured our first contract for 2019. Despite the challenging condition of the industry, we will continue to work hard and actively bid for more sustainable margin projects to replenish our order book. With our strong outstanding order book of approximately RM950 million, we expect this project to contribute positively to our top-line and bottom-line growth for the next few years," said Crest Builder group managing director Eric Yong.
Crest Builder shares closed 0.5 sen or 0.6% higher at 88 sen today, for a market capitalisation of RM148 million.
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