Vestland Bhd has decided not to proceed with three affordable housing projects in Selangor with a combined contract value of up to RM550.69 million that were awarded in 2022.
In a filing with Bursa Malaysia, the construction group said its wholly owned unit, Vestland Resources Sdn Bhd, and developer Splendid Forte Development Sdn Bhd had mutually agreed to terminate the contracts. The projects involve Selangor Cyber Valley Phase 1 and Phase II in Dengkil, Sepang, as well as the Sierra Alam development in Bukit Raja, Petaling.
The Selangor Cyber Valley Phase 1 project was valued at RM234.86 million, while Phase II was worth RM198.50 million. The Sierra Alam project carried a contract value of up to RM117.33 million. All three projects fall under the Selangor state government’s affordable housing scheme and cover residential construction, infrastructure works and landscaping.
Vestland said construction work had not commenced on any of the projects. It did not disclose specific reasons for the termination, noting only that the decision was made after taking into account all relevant factors and was in the best interest of the company.
The group added that the contract terminations are not expected to have any material impact on its earnings or net assets for the financial year ending Dec 31, 2026.
Shares in Vestland ended unchanged at 46 sen on Thursday, giving the company a market capitalisation of RM434.4 million.
