KUALA LUMPUR (March 26): Nestcon Builders Sdn Bhd, a wholly-owned subsidiary of construction outfit Nestcon Bhd (KL:NESTCON), has secured a construction contract worth RM228.30 million from Paramount Property (Cityview) Sdn Bhd.  

The project, located on Jalan Ampang Hilir, Kuala Lumpur, involves the construction of a 49-storey condominium tower and a seven-storey condominium block.

According to its bourse filing, the contract is set for a duration of 37 months, with construction work scheduled to commence on April 29, 2025 and slated for completion by May 28, 2028. 

The defect liability period for the project will extend for 27 months from the date the Certificate of Practical Completion is issued for the contract works. 

Nestcon Builders said that the contract will contribute positively to its net assets per share, earnings per share and gearing.

Nestcon Builders is primarily engaged in construction services, while Paramount Property focuses on residential developments. 

Nestcon’s closed unchanged at 40 sen on Wednesday, valuing the construction outfit at RM286 million.