KUALA LUMPUR, MGB Bhd has secured a RM185.99 million contract from CI Medini Sdn Bhd to develop serviced apartments in Iskandar Puteri, Johor.
According to its bourse filing, the project will be executed in two phases. Phase 1 involves constructing a 32-storey tower with 405 apartment units, a seven-storey podium car park, and facilities on the eighth floor. Work is slated to begin on Sept 1, with completion targeted for November 2027.
Phase 2 will feature a 31-storey tower with 397 apartment units, to be completed within 18 months of a yet-to-be-confirmed start date. With this win, MGB’s outstanding order book rises to RM1.21 billion. The company expects the contract to contribute positively to its earnings and net assets during the project period.
On Monday, MGB’s shares closed half a sen or 0.99% lower at 50 sen, valuing the group at RM292.93 million. The counter has fallen over 32% year-to-date.
