KUALA LUMPUR (Aug 19): TCS Group Holdings Bhd has secured a RM108.38 million contract for the construction of Moxy Putrajaya Hotel.
The group, through its wholly-owned subsidiary TCS Construction Sdn Bhd, had on Friday (Aug 19) won the contract from IOI City Hotel Sdn Bhd to complete one block of the 19-storey main building of the hotel.
IOI City is an indirect wholly-owned subsidiary of IOI Properties Group Bhd.
Located within the integrated township of IOI Resort City in Putrajaya, the Moxy Putrajaya hotel will be directly linked to the IOI City Mall and managed by Marriott International Inc, said TCS in a statement.
The duration of the contract is 16 months, beginning Sept 1, 2022, with work to be completed by Dec 31, 2023.
TCS managing director Datuk Ir Tee Chai Seng said the contract will boost the group’s orderbook and enhance earnings visibility.
Looking ahead, TCS remains cautious against the backdrop of a challenging operating environment in the construction sector, Tee said. The group is proactively dealing with the challenges it faces by focusing on quality execution and timely delivery of its projects, he added..
“..We remain focused on bidding for projects in residential and commercial buildings, infrastructure projects, as well as institutional buildings to leverage on the rising momentum of the construction sector. All in all, we are poised to navigate ahead, riding along the economic upswing, backed by our strong order book,” Tee said.
At Friday’s noon break, TCS shares were down five sen or 1.85% at 26.5 sen, giving the building and infrastructure construction services provider a market capitalisation of RM101.44 million.