KUALA LUMPUR, Sarawak Consolidated Industries Bhd has accepted a second revised contract worth RM172.4 million from Perbadanan PR1MA Malaysia (PR1MA) for the construction of affordable housing in Kota Bharu, Kelantan.
In a filing with Bursa Malaysia, the construction and precast concrete specialist said its wholly owned subsidiary had received the updated Letter of Award from PR1MA, marking another adjustment to the project’s value and scope.
Originally awarded in May 2021, the contract involved the development of 632 residential units valued at RM120 million. It was first revised in April 2024 to RM162 million, with a 36-month completion period and a 24-month defect liability period upon issuance of the certificate of completion and compliance for each section.
Under the latest revision, SCIB said the contract value had increased by an additional RM9.95 million to reflect updated project requirements, scope adjustments, preliminary works, and value-engineering efforts. Despite the higher value, the completion timeline remains unchanged at 36 months.
The project will continue to cover the full engineering, procurement, construction and commissioning (EPCC) scope, underscoring SCIB’s expertise in large-scale housing development.
“Our ongoing collaboration with PR1MA highlights SCIB’s proven track record in executing nationwide affordable housing projects that align with the government’s vision of accessible homeownership,” said SCIB executive chairman Datuk Chong Loong Men.
He added that the company remains committed to pursuing new project opportunities while seeking professional advice before submitting the revised agreement for final board approval. At market close on Friday, SCIB’s shares slipped half a sen or 2% to 24.5 sen, valuing the company at RM171.3 million.
