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Property News

Nestcon clinches RM108 mil construction job from Exsim Avenue

KUALA LUMPUR (Jan 10): Nestcon Bhd has clinched RM108 million worth of construction works from property developer Exsim Avenue Sdn Bhd for a mixed commercial development project.
Nestcon, through its wholly-owned unit Nestcon Builders Sdn Bhd, accepted a letter of award from Exsim Avenue on Wednesday.
The work consists of main building works for a 37-storey mixed commercial development comprising retail shops, 220 strata office units, 126 units of service apartments, car parks and other relevant facilities.
Contract works are to be completed within 39 months, commencing on Jan 15, and scheduled for completion by April 14, 2027.
This is the second contract Nestcon has secured so far in 2024. Last week, the group bagged RM251.5 million worth of construction contracts for a mixed development project in Mukim Petaling in the Klang Valley.
For the third quarter ended Sept 30, 2023, Nestcon posted RM2.06 million in net profit, versus a RM1.41 million net loss a year earlier, as revenue jumped 91.3% to RM224.88 million from RM117.56 million.
Shares in Nestcon closed unchanged at 37 sen on Wednesday, translating into a market capitalisation RM249.13 million.
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Source: EdgeProp.my

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