MGB Berhad Clinches RM203.63 Mil Worth Of Contracts
Outstanding order book bolstered to RM1.85 billion
SELANGOR, 19 June 2023 – MGB Berhad (“MGB” or the “Group”), a construction and property development solutions provider and subsidiary of LBS Bina Group Berhad, today announced that its wholly-owned subsidiary MGB Construction & Engineering Sdn. Bhd. has accepted a letter of award worth RM156.83 million (“Contract”) from Arqhitectnia on behalf of Seloka Sinaran Sdn. Bhd. for a development project in Dengkil, Sepang, Selangor.
The Contract entails the construction of 413 units of single-storey terrace houses, 76 units of double-storey terrace houses, and 328 units of double-storey townhouses on Lot PT 69264, Tanah Rizab Melayu Dengkil, Selangor. MGB will also construct a community centre and other facilities including a security guard house and electrical substations within the area.
Construction works for this development project are expected to commence on 1 September 2023 for a duration of fifteen (15) months. This project is part of the KITA @ Cybersouth township development by LBS Bina Group Berhad. MGB will utilise its IBS precast concrete panels produced in its Nilai factory for this development.
The Contract follows on from MGB’s recent announcement on 16 March 2023, that it has secured a RM46.80 million contract to construct, among others, 155 units of double-storey terrace houses at D’Island Residence, Puchong, Mukim Dengkil in the Sepang district. Both awards reinforce MGB’s impressive Q1 results, which were recently evaluated by RHB Research, which concluded that MGB exceeds their expectations.
MGB Executive Vice Chairman, Tan Sri Ir. Lim Hock San commented, “With this contract, our outstanding order book strengthens to a healthy RM1.85 billion, providing us with steady earnings visibility in the coming years. In addition to our growing our order book, we are expanding our knowledge and experience of IBS precast to continuously stay ahead in delivering innovative precast construction solutions. Moving forward, we will continue to leverage on our core competence to secure new projects and we are optimistic to be able to meet the evolving needs of our customers and remain at the forefront of our industry.”
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