Building and infrastructure construction services provider, TCS Group Holdings Berhad’s wholly-owned subsidiary, TCS Construction Sdn. Bhd. has secured a RM146.30 million contract from Southern Score Sdn. Bhd. for main building works for 2 blocks of 24-storey and 37-storey serviced apartments with 262 units and 443 units respectively, 8-storey elevated carpark, 2 TNB substations, and 1 level of facility floor in Kuala Lumpur known as the Vista Sentul Residences (the “Contract”).
Managing Director of TCS Group, Dato’ Ir. Tee Chai Seng said, “We are delighted to have clinched a new contract in less than a week after our listing. This win is in-line with our expansion plans. It is also very meaningful for us as it is the first project TCS has secured as a listed entity. The project is expected to contribute positively to our future earnings for the duration of the Contract. With this new contract, our outstanding order book now stands at approximately RM600 million, which gives us earnings visibility for the next 3 years.”
“In the meantime, our team remains very busy working on tenders to bid for a number of projects. Management is confident that we are able to keep up the positive momentum by securing more jobs and enhance our order book. The Group will leverage on our experience, established working relationships with the stakeholders, and our commitment in maintaining good quality in our projects. We will continue to go the extra mile and deliver exceptional value to our customers.”
“Looking ahead, the long-term prospects of the construction industry remain promising underpinned by the implementation of various government measures and economic stimulus packages to strengthen the Malaysian economy. On balance, management continues to be positive on the Group’s outlook as we are now equipped with the proceeds raised from our IPO to accelerate the execution of our future plans.” Dato’ Ir. Tee further added.
The Vista Sentul Residences is a serviced apartments project by established property developer, Platinum Victory Group. The overall duration of the Contract is 30 months, commencing on Aug 3 with expected completion slated to be to Feb 2, 2023.