Econpile Holdings has secured a RM570.4 million building contract from Malton Bhd’s subsidiary Domain Resources, its biggest deal since it was founded, reported The Star.
Under the agreement, the piling specialist will build the foundation and basement of an integrated project known as Pavilion Damansara Heights in Pusat Bandar Damansara, Kuala Lumpur.
On a filing with the local stock exchange yesterday (22 February), the company announced that its unit Econpile (M) Sdn Bhd has obtained a letter of award on Tuesday to carry out the earthworks, piling construction and basement structure works for nine office towers and a four-storey retail podium with three blocks of serviced apartments on top. There is also an eight-storey basement and a one-storey lower ground level.
The overall duration of the contract is around 28 months, and this deal has boosted Econpile’s order book to a record-high of RM1.4 billion, marking the first time it has surpassed the RM1 billion level.
Meanwhile, the RM7 billion Pavilion Damansara Heights is targeted for completion by 2021, with Canada Pension Plan Investment Board committing to invest RM485 million to acquire a 49 percent stake in a joint venture with Pavilion group to build the mixed-used development, its maiden property investment in the region.
Image sourced from The Star
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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