Tuju Setia Berhad, a construction services company en route to listing on the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities), through its wholly-owned subsidiary PTS, has secured a project worth RM143.5 million to construct a high-rise development in Petaling Jaya, Selangor.
Awarded by FDM Development Sdn Bhd, a wholly-owned subsidiary of Glomac, PTS will undertake as the main contractor to provide construction works for 121 Residences. The high-rise development comprises two tower blocks of 28-storey SoHo and serviced apartments, related facilities and a multi-storey carpark.
“This project not only adds to our current order book, but also broadens our portfolio breadth of high-rise buildings done by us. Also, this will be a new client for Tuju Setia, an indication as much of our quality reputation as our capability to deliver projects on time.
“Furthermore, this new win also demonstrates the increasing optimism in the property development sector. Therefore, we are determined to continue the momentum, by actively participating in more tenders to sustain our profitability,” Wee Eng Kong, Managing Director of Tuju Setia Berhad
The duration of the contract will be for 26 months, with construction works to commence in May 2021. The project is expected to contribute positively towards the future earnings of Tuju Setia.
Since commencement in 2006, PTS has completed RM2.2 billion worth of high-rise building projects of up to 51 storeys, consisting of both non-residential and residential development.
PTS’ clientele includes reputable property developers, corporations and the public sector, with notable customers (direct and indirect) such as S P Setia Berhad, GuocoLand (Malaysia) Berhad, Bandar Raya Developments Berhad, UEM Sunrise Berhad, Symphony Life Berhad and Malaysian Public Works Department.
Tuju Setia’s ongoing non-residential projects include Mutiara Central Office Suites (Cheras), Kajang Women and Children Hospital, Riana Dutamas – Phase 2 (Segambut), and The Pulse Residence (Bandar Puteri Puchong); while ongoing residential projects are PPAM Sofiya Residensi (Desa ParkCity), Emerald Hills – Phase 3 and 4 (Cheras) and TUAI Residence (Setia Alam).
Barring unforeseen circumstances, Tuju Setia is slated to list on the Main Market of Bursa Securities in the second quarter of 2021. Alliance Investment Bank Berhad is the principal adviser, as well as the joint underwriter and joint placement agent with CIMB Investment Bank Berhad for Tuju Setia’s initial public offer exercise.
