PROPERTY NEWS: Inta Bina acquires RM137.8 mil project from SDB Properties, the second largest of the year

Key takeaway: SDB Properties Sdn Bhd, a wholly-owned subsidiary of Selangor Dredging Bhd, has offered a building contract for RM137.8 million to Inta Bina Sdn Bhd, a subsidiary of Inta Bina Group Bhd.

The business stated in a statement on Thursday, September 1, that the contract covers the primary construction work for 26 units of three-story superlink houses and six blocks of three- and four-story condo villas in Gombak, Selangor, which would contain a total of 196 villa units.

The construction will take 32 months to complete from the commencement of September 8, 2022.

The contract, which brings the company's year-to-date contract wins to RM298 million, is the second-largest project it has received, according to managing director Paul Lim Ooi Joo.

"At this moment, the real estate market appears to be more stable, and more development activity is anticipated. We anticipate a more encouraging picture for the remainder of the year when combined with the few joint-venture projects with Lagenda Properties Bhd that are now being carried out," he added.

With the addition of this new contract, the group's overall unbilled orders increased to almost RM1.1 billion.

© September 2022, theedgemarkets.com