Fajarbaru Builder Group Bhd has been awarded a contract from Tanjung Nakhoda (M) Sdn Bhd for the construction works for the iconic Johore Golf & Country Club which has a value of RM120.82 million.
The project involves the construction and completion of a 2-storey clubhouse and accompanying carpark, a 4-storey driving range complex featuring a one-storey multi-purpose hall and a carpark, a guard house, and an electricity sub-station.
The group said the contract will start on 11 March, 2024, and is scheduled to be completed in approximately 90 weeks.
Group Executive Chairman Tan Sri Dato’ Sri Chan Kong Choy said, the JGCC project marks the inaugural venture in Johor, and takes great pride in extending its project portfolio across diverse regions, spanning from Penang to the east coast, encompassing the Klang Valley, and now, venturing into the southern reaches of Peninsula Malaysia.
In the quarter ended December 31, 2023, (“Q2 FY2024”), Fajarbaru reported a net profit of RM20.88 million, a remarkable surge of 606% as compared to a net profit of RM2.96 million reported in first quarter of financial year 2024. Revenue amounted to RM126.79 million, marking an impressive 74% increase compared to the first quarter of the same financial year. The improved performance for the second quarter was mainly driven by the Group’s Property Development segment.
As of February 26, 2024, Fajarbaru’s Construction division currently has an orderbook of RM795 million with a diverse range of projects such as high-rise residential buildings, affordable apartments, retail complexes, service apartments, and the redevelopment of military facilities. The Group is currently tendering for construction projects with a combined value of RM4.7 billion, across the private and government sectors.
Currently the group is also engaged in a joint venture for the Centralised Labour Quarters (“CLQ”) project located in Senawang, Negeri Sembilan. In Australia, it has initiated a new project in Fitzroy, Melbourne, slated for launch this year. Another project in Australia, The Wilds, aims to be the first carbon-neutral detached housing project in inner Melbourne, with all residences powered exclusively by electricity and equipped with solar panel arrays.
Fajarbaru anticipates favorable returns from the Plantation segment, where the Group is exploring potential strategic acquisitions within the sector to beef up its market presence. The Group is constructing an ecofarm in Port Dickson, Negeri Sembilan, that is expected to be open to the public by the second quarter of 2024.
