KUALA LUMPUR (July 21): Geohan Corporation Bhd (KL:GEOHAN) has secured a RM40.9 million contract for the foundation and structural works of a mixed development in Persiaran KLCC here.

The foundation and geotechnical engineering company said the contract was awarded to its wholly owned subsidiary Geohan Sdn Bhd by China State Construction Engineering (M) Sdn Bhd (CSCEM).

CSCEM is a subsidiary of Chinese state-owned enterprise China State Construction Engineering Corporation, which has completed several landmark projects in Malaysia, including The Exchange 106 in the Tun Razak Exchange financial district and the Jesselton Twin Towers in Sabah.  

The scope of Geohan's new job involves bored piling, reinforced concrete works and basement wall works for the development, which comprises two 65-storey serviced apartment towers with a total of 850 units, the company's bourse filing on Tuesday showed.

The project is scheduled to be completed within 11 months from the commencement date, which took effect upon acceptance of the letter of award on Tuesday.

Geohan managing director Lee Kim Seng said the latest contract brings its year-to-date contract wins to more than RM200 million, following a RM28 million award for the Xintiandi development project in Genting Permai.

“These awards reflect our proven technical capabilities in delivering complex geotechnical solutions across both high-density urban developments and challenging hilly terrains,” said Lee in a statement.

The group’s outstanding order book now stands at about RM420 million, covering residential, mixed development and infrastructure projects in Peninsular Malaysia.

This is expected to provide earnings visibility through the financial year ending Dec 31, 2027, said Geohan.

At the end of Tuesday’s trading day, Geohan’s counter was unchanged at 28 sen. Listed at an initial public offering price of 55 sen in December 2025, the counter has about halved since.

At its last price, the group is valued at RM123.2 million.