KUALA LUMPUR (Nov 6): Nestcon Bhd (KL:NESTCON) has bagged a RM161 million construction contract to build a 36-storey serviced apartment block in Bandar Baru Ulu Kelang, Gombak.
The contract was awarded to its wholly owned unit Nestcon Builders Sdn Bhd by property developer BU Developments Sdn Bhd, according to the group's filing with Bursa Malaysia on Friday.
The 34-month contract commenced on Nov 2, 2026, and is scheduled for completion on Sept 1, 2029.
"Nestcon Builders shall carry [out] the main building works in accordance with the other supplementary terms and conditions set out in the letter of award," the filing read.
The defect liability period is 30 months from the date specified in the certificate of practical completion of the main building works.
So far this year, Nestcon has secured three major construction contracts with a combined value of RM478.52 million.
The latest contract follows two awards from Exsim-related companies in August. On Aug 3, Nestcon Builders secured a RM74.52 million contract from Exsim MX4 Sdn Bhd to build apartments in Kwasa Damansara, Selangor. Two days later, Exsim Waterfront Sdn Bhd awarded it a RM243 million contract to build a serviced apartment block in George Town, Penang.
For the six months ended June 30, 2026, Nestcon’s net profit more than doubled year-on-year to RM12.68 million, as revenue rose 14.5% to RM391.5 million. The group attributed the stronger performance to a higher level of construction activity during the period under review.
Nestcon shares closed one sen or 2.2% lower at 44.5 sen on Friday, valuing the group at about RM346.7 million.