KUALA LUMPUR (Sept 24): Inta Bina Group Bhd (KL:INTA) said on Thursday it has secured a RM221.08 million contract to undertake the main building works for an apartment and office development in Klang.
The contract was awarded by Prisma Melody Sdn Bhd, a wholly-owned subsidiary of Mitraland Holding (M) Sdn Bhd, which is part of the Mitraland Group.
“We are pleased to continue our longstanding relationship with Mitraland through our fourth project together, marking another milestone in a relationship that has grown over the past 14 years,” Inta Bina managing director Paul Lim said in a statement.
The project, the fourth phase of the Gravit8 (Novva) development, comprises a 39-storey serviced apartment tower housing 654 units and a 20-storey office tower.
Construction is scheduled to commence on Sept 28, with the works divided into two sections. The first section is targeted to be completed by September 2028, and the second section by January 2029.
Inta Bina said the project is expected to contribute positively to its earnings and net assets over the duration of the contract.
The contract would be funded via internal funds and borrowings. As of end-June, the company had cash and short-term deposits of RM124.18 million against loan and borrowings of RM148.45 million.
With this latest contract win, Inta Bina said its order book stands at RM645 million. In addition, the company has a tender book of RM3.6 billion, comprising a mix of residential, commercial and data centre projects.
Last month, Inta Bina secured a RM115.65 million contract to build houses in Setapak, Kuala Lumpur, from a unit of Sime Darby Property Bhd (KL:SIMEPROP).
Shares of Inta Bina ended one sen or 2.41% lower at 40.5 sen on Thursday, valuing the company at RM259.9 million.