An artist's impression of The Atera

KUALA LUMPUR (June 28): A unit of Gagasan Nadi Cergas Bhd's (GNCB) has accepted a sub-contract work of a development project in Petaling Jaya, Selangor from a unit of Paramount Corp Bhd worth RM75.74 million.

In a bourse filing, GNCB said Nadi Cergas Sdn Bhd accepted the letter of award from Paramount Property Construction Sdn Bhd for the superstructure works for phase one of The Atera.

Phase one of The Atera consists of a block with 47 floors of 756 units affordable serviced apartment, four units business lot and six floors podium car park, which Paramount Corp’s unit Aneka Sepakat Sdn Bhd is developing.

GNCB expects the sub-contract, which started on June 1, to contribute positively to the group’s earnings and net assets per share until the completion target on March 31, 2025.

Share price of GNCB closed unchanged at 31.5 sen on Wednesday, valuing the group at RM233.49 million. Meanwhile, Paramount Corp’s shares grew half a sen or 0.65% higher to 77.5 sen, bringing it a market capitalisation of RM482.61 million.