Nestcon bags two contracts worth RM165mil

KUALA LUMPUR: Nestcon Bhd ’s wholly-owned subsidiary Nestcon Builders Sdn Bhd has secured two construction contracts worth a total of RM165.56mil.

Taipanika Development Sdn Bhd awarded the first contract, valued at RM62.06mil while the second contract is from Sunrise Charm Sdn Bhd worth RM103.5mil.

In a filing with Bursa Malaysia, Nestcon said the contract from Taipanika is for the development of a block of 12-storey apartments (288 units) and other relevant facilities at Pangsapuri Nadayu in Shah Alam, Selangor.

The commencement date is set for July 8, 2024, with the contract works scheduled to be completed within 20 months, by March 7, 2026 or within such extended time as provided by the conditions of contract.

Nestcon expects the contract to contribute positively to its net assets per share, earnings per share, and gearing throughout the contract.

It said the contract from Sunrise Charm is for the construction and completion of a 45-storey mixed commercial development comprising of strata office (172 units), serviced apartments (98 units), carparks and other relevant facilities in Kuala Lumpur.

The contract works are to be completed within 44 months from the commencement date or any extended time allowed by the contract conditions.