Vestland clinches RM93m contract to build apartments in Shah Alam

• Year-to-date, Vestland has successfully bagged a total of RM667.6 million worth of contracts, with a total outstanding order book value of approximately RM1.7 billion. 

KUALA LUMPUR (July 18): Vestland Bhd has been awarded a RM93 million design and build contract for three blocks of 15-storey apartments and related facilities located at Sultan Abdul Aziz Shah Golf Club in Shah Alam, Selangor.

In a filing with Bursa Malaysia on Monday (July 17), the group said that via its wholly-owned unit Vestland Resources Sdn Bhd, it has secured the contract from its recurring customer Mercu Majuniaga Sdn Bhd (MMSB), which is principally involved in building construction activities.

The construction work shall be completed within 48 months from the commencement date, which will be notified by MMSB at a later stage.

Year-to-date, Vestland has successfully bagged a total of RM667.6 million worth of contracts, with a total outstanding order book value of approximately RM1.7 billion, which will provide a strong earnings visibility to the group in the next three to four years, said its managing director and major shareholder Datuk Liew Foo Heen.

“Vestland shall continue leveraging its specialised design and build capabilities to establish higher benchmarks and further solidify our position in the industry,” he said.

Liew, 45, co-founded Vestland in 2011. He is the single-largest shareholder of the company with a controlling stake of 63.32%, followed by executive director Wong Sai Kit with an 11.17% stake.

Vestland’s net profit rose 5.6% quarter-on-quarter (q-o-q) to RM7.96 million in the first quarter ended March 31, 2023 (1QFY2023), up from RM7.53 million in the 4QFY2022, mainly due to higher other income resulting from gains on the disposal of assets held for sale and higher interest income.

Revenue decreased by 4.3% q-o-q to RM88.66 million in the 1QFY2023, down from RM92.64 million in the 4QFY2022, as some design and construction projects were nearing completion.