ECONPILE Holdings Bhd’s (Econpile) wholly-owned subsidiary, Econpile (M) Sdn Bhd (ESB), has received a letter of award from Konzepte + Design Architects for the construction of service apartments in Bukit Jalil for RM43.38 million.

The contract entails the substructure works for two blocks of 47-storey serviced apartments comprising 453 units, with existing commercial development comprising one block of a 5-storey retail mall with two levels of basement parking.

In a filing to Bursa Malaysia today, Econpile said the project is slated to be completed within 15 months from the date of commencement and is expected to contribute positively to the revenue and earnings for Econpile for the financial year (FY) June 30, 2024, onwards.

Econpile does not foresee significant risks other than the operational risk associated with the project during the construction and completion period.

Econpile slid half a sen or 2.33% to 21 sen today, translating to a market capitalisation of RM298 million. – TMR