KUALA LUMPUR (May 12): Piling and foundation specialist Econpile Holdings Bhd has won a contract worth RM20.8 million from Bangsar Hill Park Development Sdn Bhd (BHPD) to undertake foundation and basement works for two blocks of apartments on Lorong Maarof, Bangsar.

In a bourse filing on Friday (May 12), Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd had received a letter of award from BHPD.

The project is to undertake earthworks, piling, pile cap, basement slab and reinforced concrete ramp works for two blocks of apartments, namely Phase 1B1 (Block B) of a 62-storey apartment block, comprising 410 units, and Phase 1B2 (Block C) of a 49-storey apartment block with 392 units at Lot 365, Lorong Maarof, Seksyen 96 in Kuala Lumpur.

It said that the overall duration of the project shall be 10½ months from May 6, 2023.

“The project is expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2023 (FY2023) onwards,” it said.

Econpile noted that there are no foreseeable significant risks other than operational risk associated with the project during the contract period.

“The management would put in place control measures and operational procedures to reduce the impact or likelihood of such events,” it added.

Econpile’s share price finished up 2.33% or half a sen at 22 sen on Friday, bringing it a market capitalization of RM311.85 million.