TRC Synergy Bhd is seeing green shoots recovery in the construction sector as it actively tenders for more than RM2 bil worth of infrastructure projects and building construction works throughout Malaysia.
Its outstanding construction orderbook of RM1.5 bil which stretches to 2023 include the Pan Borneo Highway project, Mass Rapid Transit Line 2 (MRT2) and Light Rail Transit Line 3 (LRT3) projects, high-rise mixed-use and residential projects in Putrajaya as well as the construction of Mara Junior Science College (MRSM) in Ranau, Sabah, among others.
Meanwhile, the total contract value of the company’s ongoing projects amounts to RM3 bil.
Complementing the positive prospects of the construction segment, TRC is also expecting to register strong contributions from its property development segment in the year ahead on the back of strong demand and healthy construction progress for the first phase of its Ara Sentral integrated transit-oriented development (TOD).
Launched in February 2020, the project known as Perla Ara Sentral features two 24-storey blocks comprising 648 units of freehold serviced apartments integrated to the Ara Damansara LRT station.
The project has registered encouraging take-up rate of 75% as of end-March as buyers see the merits of owning TOD properties and given the project is on track for early completion in 2Q 2022.
The group’s property development division is undertaking projects with gross development value (GDV) worth about RM500 mil as of end-March in Petaling Jaya and Putrajaya. Unbilled sales for the projects which amounted to RM150 mil are to be fulfilled until 2022.
“While 2020 was a tough year for the construction industry, we were able to sustain our profitability due to the breadth and depth of our projects covering the public and private sectors as well as our own internal development projects,” commented TRC’s group managing director Tan Sri Sufri Mohd Zin.
“Going forward, we expect to continue strengthening our business model to achieve greater sustainability. In addition to replenishing our construction orderbook, we are also working towards launching more property development projects in 2021 and 2022, particularly for high-rise affordable residences in the Klang Valley where there is great demand.”
Since its inception in 1984, TRC has completed more than RM9 bil worth of projects including airports, universities, high rise buildings, roads and railways, among others.
At 10.50am, TRC was down 0.5 sen or 1.41% to 35 sen with 59,300 shares traded, thus valuing the company at RM168 mil. – May 19, 2021