Kitacon bags RM64 mil housing works project from S P Setia’s unit

• The project involves the development of Phase 3 of Arundina which consists of 130 units of double-storey semi-detached houses and a unit of Tenaga Nasional Bhd (KL:TENAGA) substation located specifically in Setia Alam.

KUALA LUMPUR (Oct 9): Construction firm Kumpulan Kitacon Bhd (KL:KITACON) on Wednesday said it has secured a contract worth RM64.05 million to undertake main building works for a proposed double-storey house in Shah Alam, Selangor.

Kitacon said its wholly owned subsidiary Kitacon Sdn Bhd received the project from S P Setia Eco-Projects Management Sdn Bhd, a unit of property developer S P Setia Bhd (KL:SPSETIA), according to its filing on Wednesday.

The project involves the development of Phase 3 of Arundina which consists of 130 units of double-storey semi-detached houses and a unit of Tenaga Nasional Bhd (KL:TENAGA) substation located specifically in Setia Alam.

The project is scheduled to commence on Nov 14 and is expected to be completed within 27 months, according to the company.

With the latest contract win, Kumpulan Kitacon has secured six contracts since the beginning of the year, with a total value of RM510.99 million. At end-June, its outstanding order book stood at RM1.25 billion, according to its latest financial statement.

Shares of Kumpulan Kitacon settled half a sen or 0.65% lower at 76 sen on Wednesday, valuing the company at RM377.43 million. The counter has risen 16.92% year-to-date.

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