In a filing with Bursa Malaysia, Fajarbaru Builder Group Bhd announced that it has secured a RM125.3mil construction contract from Penang Development Corporation (PDC). The project involves the construction of three blocks of affordable apartments as part of the Phase Four development of a mixed project comprising twenty-five phases.

Fajarbaru’s subsidiary, Fajarbaru Builder Sdn Bhd, has accepted the letter of award from PDC. The development will include one block of 12-storey affordable apartments, one block of 14-storey affordable apartment Type A, one block of 19-storey affordable apartment Type B, five units of shop lots, and one block of two-storey car and motorcycle parking.

The 36-month project is set to commence on June 15, 2023, and end on June 14, 2026. Fajarbaru Builder Group anticipates that the project will contribute positively to the group’s earnings and net assets from the financial year ending June 30, 2024, onwards. Tan Sri Chan Kong Choy, the executive chairman of Fajarbaru Builder Group, expressed his pleasure at being awarded the contract, stating that it is a testament to the group’s track record and quality of project delivery.

The project is expected to provide earnings visibility for around three years and complement the group’s other ongoing construction projects. Fajarbaru Builder Group has an extensive history in the construction industry, having completed various projects across Malaysia. The company’s expertise in the sector is set to be further enhanced by the new development, and the group aims to secure more high-value projects in the future to expand its operations.