WCT and TSR units to jointly develop a shopping complex at PNB's Merdeka 118 for RM677m

KUALA LUMPUR: WCT Holdings Bhd and TSR Capital Bhd’s wholly owned subsidiaries, WCT Bhd (WCTB) and TSR Bina Sdn Bhd (TSRB), have accepted a RM676.8 million contract job from PNB Merdeka Ventures Sdn Bhd (PNBMV) for the construction of a shopping complex.

In a filing to Bursa Malaysia today, WCT said the shopping complex, comprising a block of an eight-storey podium building, will be constructed as part of an integrated development undertaken by PNBMV known as Merdeka 118.

Merdeka 118 comprises among others, the PNB118 Tower, the Park Hyatt Hotel and an observation deck.

PNB 118, a 630-metre tower, is expected to be the tallest tower in Malaysia and Southeast Asia when it is completed in 2024.

It will consist of 4.3 million sq ft of residential, hotel and commercial space.

WCTB and TSRB will form an incorporated joint venture company in the ratio of 51:49 respectively to undertake the contract.

“The scope of works for the contract generally includes the construction and completion of an eight level shopping complex podium, including the architectural works for the basement, retail area, residential drop-off and core, tower link bridge and external works,” the filing said.

WCT said the contract is expected to commence on January 2, 2019 and completed within 30 months from the commencement thereof.

In a separate filing, TSR said the contract will contribute positively to the group’s future earnings and net assets. 

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