WCT secures RM169m Tun Razak Exchange job
PROJECT GAINING MOMENTUM: First award under earthworks and substructure package
THE Tun Razak Exchange (TRX) project gains big momentum as 1Malaysia Development Bhd (1MDB) awards its first package of earthworks and substructure contract to WCT Bhd.
The RM169.26 million contract is the first in a series of TRX earthworks and civil engineering jobs to be awarded, 1MDB said in a statement yesterday.
In a separate statement, WCT said the contract has pushed its outstanding order book to more than RM2 billion.
"(The contract) will be an added value to an already broad portfolio in our engineering and construction division.
"This project will also further strengthen our current outstanding order book of RM2 billion," said managing director Taing Kim Hwa.
1MDB Real Estate Sdn Bhd chief executive officer Datuk Azmar Talib said: "TRX is an important national initiative. The commencement of its common infrastructure components represents a major milestone in transforming the vision of TRX into reality.
"Building on our progress to date, the construction supports and facilitates the development of the first phase of TRX. 1MDB is leading the way so that investors and developers may follow."
The first phase of TRX is expected to complete in 2017, which will coincide with the opening of the new onsite mass rapid transit line.
WCT, a leading local contractor, is to start work immediately.
It won the bid through a tender process which had gone through a multi-stage evaluation.
The contract covers site clearance, earthworks and rock excavation, secant pile walls, grouting, piling and other structural and related works.
Since the official launch of TRX last July, 1MDB has completed a number of critical advance works and service diversions necessary to start construction.
Last month, 1MDB and Abu Dhabi's Aabar Investments PJS signed an RM18 billion strategic partnership to invest in high-impact long-term economic and social projects in Malaysia and Abu Dhabi.
WCT shares closed trading three sen lower to RM2.34 yesterday, with 3.16 million shares traded.