KUALA LUMPUR (July 1): Southern Score Builders Bhd (KL:SSB8) has bagged a letter of award to serve as a turnkey contractor for the proposed development of three residentials apartment blocks, valued at RM315 million.
The contract was awarded by Smart Advance Resources Sdn Bhd to the group's wholly owned subsidiary, Southern Score Sdn Bhd (SSSB), the group’s bourse filing showed.
The three residential apartment blocks will comprise a total of 794 free-cost residential units, along with a facility floor, swimming pool, eight floors of podium car park, a guard house, and a Tenaga Nasional Bhd 11kV main switching station.
The project’s commencement date aligns with the approval of the earthwork plan, and completion is expected within 54 months from that date or any extended period specified in the contract.
Southern Score anticipates the project to contribute positively to the net assets and earnings per share of the company, and its group of companies for the financial year ending June 30, 2025, onwards until the completion of the project.
Tan Sri Gan Yu Chai, the director and major shareholder of Southern Score (holding 47.16% stakes), also holds directorship and a 40% shareholding in SARSB.
Gan said the RM315 million project, combined with the RM618 million contract secured in February 2024, brings the total contracts secured in 2024 to RM933.2 million. The group’s outstanding order book currently stands at RM1.4 billion, ensuring earnings visibility for the next few financial years.
“Meanwhile, our tender book continues to be healthy as our team remains busy working on more tenders as we anticipate more construction projects to be rolled out in the coming months, both in public and private sectors,” Gan said.
“At the same time, the group is mindful of the demanding environment and continues to leverage on our asset-light delivery model that provides scalability and flexibility while lowering risk exposures. All in all, the outlook for Southern Score remains bright premised upon our improved order book and our active participation in tenders.” he added.
Shares in Southern Score closed half a sen or 0.8% higher at 63 sen on Monday’s close, valuing the company at RM1.43 billion.