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KUALA LUMPUR (Aug 11): IJM Construction Sdn Bhd, a unit of IJM Corp Bhd, has bagged a contract worth RM864.7 million to build an 11-storey retail mall and convention centre in George Town, Penang.
The project is part of the integrated waterfront mixed development project in Penang known as The Light City, which comprises a convention centre, retail malls, hotels, residential condominiums and offices, the group said in a Bursa filing.
The retail mall is expected to be completed within 46 months by July 31, 2024, and the convention centre is expected to be completed within 48 months by Sept 30, 2024.
The contract was awarded by Tumpuan Azam Sdn Bhd, a wholly-owned subsidiary of IJM Perennial Development Sdn Bhd.
IJM Perennial is a 50:50 joint venture company between IJM RE Sdn Bhd (a wholly-owned subsidiary of the IJM) and Perennial Penang Pte Ltd, an indirect wholly-owned subsidiary of Singapore listed Perennial Real Estate Holdings Ltd.
Shares of IJM Corp closed unchanged at RM1.45 today, for a market capitalisation of RM5.27 billion.
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