KUALA LUMPUR (Aug 21): Builder Tuju Setia Bhd (KL:TJSETIA) has bagged a RM247.95 million contract from Sime Darby Property Bhd (KL:SIMEPROP) to construct two blocks of service apartments with a gross development value (GDV) of RM597.2 million in USJ 7, Subang Jaya, Selangor.

Spanning 4.32 acres of land, Hype Residences features a 39-storey building comprising two towers (Tower A and Tower B), complete with a podium car park and amenities.

In a filing with Bursa Malaysia on Wednesday, Tuju Setia said its wholly owned subsidiary, Pembinaan Tuju Setia Sdn Bhd, received the letter of award from Sime Darby Property (SJ7) Sdn Bhd, a unit of Sime Darby Property.

The Hype Residences project spans 33 months and is expected to commence from Aug 22.

Tuju Setia added that the contract is expected to contribute positively to the group's earnings and net assets per share starting from its financial year ending Dec 31, 2024 until the completion of the contract.

In a separate statement, Tuju Setia said Hype Residences is part of Sime Darby Property’s 34.6-acre SJ7 master plan development, which has a GDV of RM4 billion, encompassing retail, office and residential components.

At Wednesday's noon market break, shares of Tuju Setia closed unchanged at 25 sen, giving the group a market capitalisation of RM79.2 million.