Ibraco bags RM169 mln construction project

KUALA LUMPUR: Ibraco Bhd has bagged a turnkey contract worth RM169 million for the engineering, construction and commissioning of 738 housing units in Kuching, Sarawak.

The group said its subsidiary Ibraco Construction Sdn Bhd has accepted the letter of award from Bumia Sdn Bhd for the affordable housing project which comes under the Rumah Pertiwi Scheme.

“The project shall be carried out in four phases over an indicative construction period of five years from the approval of the development plans, tentatively at the end of the third quarter of 2021.

“The development includes a multi-purpose hall and surau,” said the Sarawak-based property developer in a filing with Bursa Malaysia today.

It said the project, which will be funded via internally generated funds and external borrowing, is expected to contribute positively to the earnings and net assets of Ibraco for the duration of the project. – Bernama