Econpile Holdings Berhad is delighted to announce that its wholly-owned subsidiary, Econpile (M) Sdn. Bhd., has been awarded a significant contract by Thens Architect on behalf of Platinum Victory Property Sdn. Bhd. The Letter of Award, dated 30 August 2024, details Package 1: the demolition, substructure, and basement works for a new 55-storey development at Lot 20003, Seksyen 44, Jalan Sultan Ismail, Kuala Lumpur.

The development will include 223 office units, 329 hotel units, and 245 SOHO units, along with five levels of basement car parking. The total contract value for this project amounts to RM71,188,000.00.

Project Details and Financial Impact

The works are scheduled for completion within 28 months from the start date of 2 September 2024. This project is anticipated to make a positive contribution to Econpile Holdings' revenue and earnings starting from the financial year ending 30 June 2025.

While the project presents operational risks, the management is committed to implementing control measures and operational procedures to mitigate these risks.

Interests of Directors and Major Shareholders

The company has confirmed that none of its directors, major shareholders, or persons connected to them have any direct or indirect interest in the project.

This announcement is made on 2 September 2024.