SunCon receives additional RM606.6 mil worth of works for South Quay Square project

KUALA LUMPUR (April 4): Sunway Construction Group Bhd (SunCon) has signed a second supplemental agreement for additional works amounting to RM606.64 million in regards to the South Quay Square project.

With the additional contract, the revised sum for the project is now at RM1.36 billion, SunCon said in a bourse filing on Tuesday (April 4).

The contract is issued by Sunway South Quay Sdn Bhd (SSQ) to SunCon’s subsidiary Sunway Construction Sdn Bhd (SCSB). SSQ is an indirect subsidiary of Sunway Bhd, which in turn is a major shareholder of SunCon.

On Aug 18, 2020, SCSB first received a letter of award amounting to RM463.17 million for the proposed construction of the South Quay Square project, which is a commercial mixed development with car parks and amenities in Bandar Sunway, Selangor.

At the time, it said the South Quay Square project commenced on July 15, 2019 and is expected to be completed on Dec 14, 2023.

Later on Dec 27, 2021, SunCon received a supplemental agreement where the scope of works for the South Quay Square project was changed and the contract was revised to RM755.72 million. The completion date was also pushed to July 15, 2024.

With the latest update on the scope of works, the South Quay Square project is expected to be completed by Oct 31, 2025.

Shares of SunCon closed two sen or 1.22% higher at RM1.66, giving it a market capitalisation of RM2.15 billion. Meanwhile, Sunway settled three sen or 1.94% higher at RM1.58, valuing the group at RM7.8 billion.