PETALING JAYA, MGB Bhd’s wholly-owned subsidiary, MGB Construction & Engineering Sdn Bhd (MGBCE), has secured a RM118.5 million contract from Uda Accord Development Sdn Bhd to undertake an affordable housing project in the heart of Kuala Lumpur.
In a filing with Bursa Malaysia, MGB said the development, located on Lot 20017, Section 93, Jalan Jubilee, will comprise a 45-storey block of Residensi Wilayah apartments housing 702 residential units. The project also includes the construction of a seven-storey podium car park, a dedicated amenities floor, and a guardhouse to support the residents’ needs. The company said construction is scheduled to begin on Nov 13, 2025, and will span 30 months, with completion targeted for May 12, 2028.
According to MGB, this latest win further strengthens its project portfolio and expands its footprint in the affordable housing segment — a key area of focus under Malaysia’s housing agenda.
“The contract will have no effect on the issued share capital of the company, but it is expected to contribute positively to the group’s earnings and net assets per share over the duration of the project,” the group said.
MGB added that the award lifts its total outstanding order book to approximately RM1.25 billion, providing a stable earnings visibility for the next few years.
The company noted that Residensi Wilayah developments continue to play a vital role in meeting urban housing demand, and this project aligns with its strategy to deliver high-quality yet affordable homes in prime locations.
MGBCE, which has a strong track record in large-scale residential and infrastructure projects, will serve as the design-and-build contractor for the development. The group said it remains committed to leveraging its industrialised building system (IBS) technology and sustainable construction practices to enhance efficiency and project delivery timelines.
MGB is part of the LBS Bina Group, a well-established name in Malaysia’s property development and construction sectors. Shares in MGB last traded at 57 sen, valuing the company at RM376.6 million.
