KUALA LUMPUR: MGB Group Bhd's subsidiary MGB Construction and Engineering Sdn Bhd has bagged a contract worth RM207.39 million for a development project in Puchong, Selangor.
MGB Group is a subsidiary of LBS Bina Group Bhd.
MGB Construction had on Thursday accepted a letter of award (LoA) from Anuar Aziz Architect on behalf of Astana Modal Sdn Bhd for the project.
MGB group executive chairman Tan Sri Lim Hock San said with the contract, the company's outstanding order book is replenished to RM1.27 billion.
Whereas for its property development segment, Lim said its developments have an estimated gross development value (GDV) of RM1.21 billion in the works.
"This is the first contract for the year 2024 and will provide us with steady earnings through to the year 2027," he said in a statement.
Lim said as MGB continues to replenish and maintain its outstanding order book, the company applies the knowledge and experience gained from its manufacturing of IBS precast concrete panels.
He said this has been initiated as a pilot project back in 2018.
"This initiative is supported by our fundamentals in construction techniques, enabling us to deliver consistent and quality products to our clients.
"Looking ahead to a successful year with cautious optimism, we aim to further enhance our existing services through technological advancements and explore new opportunities to meet the increasing demands and standards of the industry and our clients," he said.
According to MGB, the contract award will be divided into two development phases.
Phase 1 of the contract consists of one block of 34-storey comprising 608 units of service apartments, one block of seven-storey podium (Podium 1), one block of 6-storey facility podium, one unit of refuse chamber and one unit of guard house.
"Meanwhile, Phase 2 comprises one block of 29-storey comprising 391 units of service apartments and one block of six-storey podium (Podium 2)," it said.
Construction works for the development are expected to commence on June 1 this year for Phase 1 and February 2, 2025 for Phase 2, for a duration of 27 months and 24 months respectively.
This project is part of the D' Island Residence township development by LBS Bina.
The company will use its IBS precast concrete panels produced in its Nilai factory for this development, MGB said.