KUALA LUMPUR: Nestcon Bhd has secured a RM161 million contract from B.U. Developments Sdn Bhd to construct a 36-storey serviced apartment building in Bandar Baru Ulu Kelang, Gombak, Selangor.
In a filing with Bursa Malaysia, the construction group said its wholly-owned subsidiary, Nestcon Builders Sdn Bhd, accepted the letter of award on Nov 6.
The contract involves the main building works for the serviced apartment development, with construction commencing on Nov 2. The overall completion period for the main building works shall be 34 months from the date of commencement, of Sept 1, 2029.
The contract also carries a defect liability period of 30 months from the date stated in the certificate of practical completion.
The group expects the contract to contribute positively to its net assets per share, earnings per share and gearing throughout the construction period.