PILING and foundation specialist Econpile Holdings Bhd has secured RM91.3 mil worth of contracts to undertake piling and substructure works for Pavilion Square and The Cedar projects in the Federal capital.
The RM64.3 mil for Pavilion Square @ Jalan Rajsa Chulan contract from Armani Hartajaya Sdn Bhd entails two packages, namely (i) the installation of secant bored pile walls, and (ii) bored piling works.
The works provided are for an office tower block with two floors of basement parking and a service apartment block with podium carpark.
The 16-month contract duration from August 2021 till December 2022 is expected to contribute positively to Econpile in the financial years ending June 30, 2022 (FY2022) and FY2023.
Additionally, Econpile was also awarded a RM27.1 mil contract from Satin Magic Sdn Bhd to undertake foundation and substructure works for The Cedar Damansara Heights.
With expected commencement in June 2021, the contract is anticipated to last 15 months and will contribute positively to Econpile from FY2022 to FY2023.
The Cedar Damansara Heights is a seven-storey luxurious apartment with a three-storey basement.
“Having been awarded these two latest contracts, our year-to-date total new project wins for FY2021 now stands at RM512 mil,” commented Econpile’s executive director/group CEO Raymond Pang.
“This figure has exceeded our target of securing RM500 mil worth of jobs set out early in early-FY2021. Being able to achieve this during the COVID-19 pandemic underscores our competitive edge in the piling scene.”
As it is, Econpile’s current orderbook has been boosted to approximately RM820 mil which will last the group over the next two years.
“Moreover, our project sites in Malaysia and Cambodia are currently progressing smoothly with minor disruptions despite the difficult pandemic environment,” Pang pointed out.
Apart from the latest awarded contracts, Econpile’s orderbook consists of works for notable projects such as Phase 2 of Pavilion Damansara Heights, an integrated entertainment complex in Phnom Penh, Cambodia; Tropicana Cenang Langkawi, and Package GS04 for Light Rail Transit 3 (LRT3).
At the close of this morning’s trading session, Econpile was up 1 sen or 2.3% to 44.5 sen with 136,300 shares traded, thus valuing the company at RM631 mil. – May 20, 2021
