KUALA LUMPUR (Nov 4): Waja Konsortium Bhd (KL:WAJA) has secured a RM190 million contract to undertake the construction of a serviced apartment and affordable townhouse development in Johor Bahru.
In a Bursa Malaysia filing on Wednesday, the construction company said its 51%-owned subsidiary, Waja Build Tech Sdn Bhd, was awarded the contract by property developer Affluent Crafts Sdn Bhd.
The construction involves a 26-storey serviced apartment comprising 824 units, and a three-storey block of 24 affordable townhouses.
The project, located along Jalan Suria Muafakat Utama, has a contract duration of 24 months from the commencement date.
Waja said the contract is expected to contribute positively to its earnings throughout the construction period. It intends to finance the project through internally generated funds and bank borrowings.
The contract comes about four months after Waja exited Bursa Malaysia's Guidance Note 3 classification on July 8, following the completion of its regularisation plan, which included an RM85 million share capital reduction.
The company was classified as financially distressed in October 2023 after reporting significant losses that exceeded its shareholders' equity.
Waja shares closed unchanged at five sen on Wednesday, valuing the company at RM55.8 million.