Nestcon Unit Clinches RM161 Mln Contract To Build Serviced Apartment Tower
KUALA LUMPUR, Nov 6 (Bernama) -- Nestcon Bhd’s wholly owned subsidiary Nestcon Builders Sdn Bhd (NBSB) today accepted the letter of award (LOA) from BU Developments Sdn Bhd for the construction of one block of 36-storey serviced apartments in Bandar Baru Ulu Kelang, Gombak, Selangor, worth RM161 million.
In a Bursa Malaysia filing today, the company said NBSB's acceptance of the LOA to undertake the main building works is expected to contribute positively to net assets per share, earnings per share, and the company’s gearing throughout the duration of the main building works.
“The board, after having considered all aspects of the LOA and the main building works, is of the opinion that the LOA and the main building works are within the ordinary course of business of Nestcon and the acceptance of the LOA is in the best interest of the company,” it said.
Nestcon said the project will commence on Nov 2, 2026, with 34 months allocated to complete the main building works by Sept 1, 2029.
“The defect liability period shall be 30 months from the day stated in the certificate of practical completion of the main building works.
“NBSB shall carry out the main building works in accordance with the other supplementary terms and conditions set out in the LOA,” it added.
-- BERNAMA