WCT Holdings Bhd’s wholly owned subsidiary, WCT Bhd, and TSR Capital Bhd’s wholly owned subsidiary, TSR Bina Sdn Bhd, have jointly accepted a RM676.8 million award from PNB Merdeka Ventures Sdn Bhd to do the main contract work on a shopping complex project in Kuala Lumpur.
The proposed shopping complex will form part of the integrated development known as Merdeka 118, comprising the PNB 118 Tower, the Park Hyatt Hotel and an observation deck.
The scope of works for the contract include the construction and completion of an eight-level shopping complex podium including the architectural works for the basement, retail area, residential drop-off and core tower-link bridge and external works.
The contract is expected to commence on Jan 2, 2019, and completed within 30 months from the commencement thereof, TSR noted in an exchange filing last Friday.
Following the acceptance of the contract, WCT and TSR Bina shall in due course form an incorporated joint-venture (JV) company in the ratio of 51:49 respectively, to undertake the contract. — TMR