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Cypark secures RM26mil housing project from Johor Land

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Cypark secures RM26mil housing project from Johor Land Empty Cypark secures RM26mil housing project from Johor Land

Post by Cals Fri 03 Oct 2014, 02:15

Cypark secures RM26mil housing project from Johor Land
Business & Markets 2014
Written by Gho Chee Yuan of theedgemalaysia.com   
Thursday, 02 October 2014 18:10

KUALA LUMPUR (Oct 2): Cypark Resources Bhd announced today that it has received a letter of acceptance of tender for the construction of a housing development project in Johor, worth RM26 million. 

The company told Bursa Malaysia that the contract, received from Johor Land Bhd, is to undertake the construction of 116 units of Terrace Houses Type Idaman Dahlia 2 and 3 at Taman Bukit Dahlia, Pasir Gudang, Johor. 

"The contract is to be carried out for a period of 15 months and are expected to be completed by January 2016," it said. 

Cypark said the works will be carried out by its infrastructure and construction division. 

"There are no major risks in relation to the works, save for the normal construction risk of material price and labour cost fluctuations, which are already covered by the contract sum," it added. 

"The contract are expected to contribute positively to the earnings of the company and would not have any effect on the share capital or shareholdings of the substantial shareholders of the company," Cypark said. 

Shares of Cypark inched down 2 sen to close at RM2.66, with 564,000 units traded. Its market capitalisation stood at RM521.56 million.
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