IJM bags RM865m contract

by TMR/ pic by BLOOMBERG

IJM Corp Bhd’s wholly owned subsidiary, IJM Construction Sdn Bhd, has bagged a RM864.7 million contract from Tumpuan Azam Sdn Bhd for the proposed construction and development of an 11-storey retail mall and convention centre in Georgetown, Penang.

Tumpuan Azam is a wholly owned subsidiary of IJM Perennial Development Sdn Bhd, which in turn is a 50:50 joint-venture firm between IJM RE Sdn Bhd (IJM Corp’s fully-held unit) and Perennial Penang Pte Ltd (an indirect fully-owned subsidiary of Singapore-based Perennial Real Estate Holdings Ltd).

The project involves construction works comprising a retail mall, which is expected to be completed within 46 months by July 31, 2024, and a convention centre which is expected to be completed within 48 months by Sept 30, 2024.

The project is part of the integrated waterfront mixed development project in Penang known as The Light City which will consist a convention centre, retail malls, hotels, residential condominiums and offices.