KUALA LUMPUR (July 6): Construction and property company WCT Holdings Bhd (KL:WCT) has secured a subcontract worth 836 million dirham (RM926.21 million) for a residential development project in the United Arab Emirates (UAE).
The subcontract involves the construction of six residential buildings in Abu Dhabi, each comprising 11 storeys and a common basement, under the Yas Riva Residences works package developed by Aldar Development LLC-OPC, according to WCT in a filing with Bursa Malaysia.
Construction is scheduled to commence in the third quarter of 2026 and is expected to be completed within three years and four months.
WCT said the contract was awarded to CGC-WCT JV, a 50:50 joint venture between its wholly owned indirect subsidiary, WCT International Sdn Bhd, and UAE-based Construction General Contracting House Ltd (CGCH).
The subcontract itself was issued by CGCH to the joint venture.
Following the acceptance of the award, WCT International and CGCH will incorporate a 50:50 joint-venture company to undertake the project.
The latest award comes less than three weeks after WCT secured another Abu Dhabi subcontract worth 479 million dirham (RM529 million) for the Yas Living Main Works Package, also developed by Aldar Development LLC-OPC. The earlier contract, announced on June 18, was similarly awarded to CGC-WCT JV and involves the construction of commercial and residential buildings across two phases.
Shares of WCT closed 1.5 sen or 3.66% higher at 42 sen on Monday, valuing the company at RM662.92 million.