WCT clinches another Kwasa Land contract worth RM214m
16 July 2024
KUALA LUMPUR, 16 JULY 2024 - Construction and property group WCT Holdings Bhd (KL:WCT) has secured another contract worth RM214 million from Kwasa Land Sdn Bhd to undertake construction works at the Kwasa Damansara township development in Sungai Buloh.
Kwasa Land is a wholly-owned subsidiary of the Employees Provident Fund (EPF) and master developer of Kwasa Damansara.
WCT said the contract was awarded to its wholly-owned unit WCT Bhd (WCTB) under work package contract two, which is related to the construction and completion of common infrastructure works phase one and a new vehicular underpass at Kwasa Damansara, according to its filing on Monday.
WCTB bagged a similar project worth RM127.39 million from Kwasa Land in September 2015 under work package contract 1A, which has been completed, according to its website.
The job scope for the latest contract includes site clearance, demolition works, earthworks, geotechnical works, roadworks, bridge structure, vehicular underpass structure, drainage works, water reticulation, sewerage works, mechanical and electrical works, river improvement and routine maintenance works.
“The works under the contract are expected to be completed within 30 months from Aug 1, 2024 (the date of possession),” it said.
WCT has been rising steadily through June this year, with its share price surging to a six-year high of RM1.14 last Friday. Year to date, it has jumped 122% to RM1.11, valuing the group at RM1.57 billion as of Monday.
Last month, it secured a RM249.74 million contract from Projek Lebuhraya Usahasama Bhd to build additional lanes for the North-South Expressway (PLUS) expansion project.
Meanwhile, WCT also announced plans early this month to establish a real estate investment trust (REIT) comprising its retail properties and list it on the Main Market of Bursa Malaysia. It plans to use proceeds raised from the REIT listing to pare down borrowings and capitalise on strategic business opportunities.
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