KUALA LUMPUR (Apr 25): Construction company Inta Bina Group Bhd has secured a contract worth RM224.8 million to develop a 38-storey business serviced apartment in Subang Jaya.

The group said in a bourse filing on Thursday that its wholly-owned Inta Bina Sdn Bhd had accepted the letter of award from Tropicana Metropark Sdn Bhd to undertake the main building works for the proposed development.

The job scope includes the construction of 30 floors of business serviced apartments comprising 553 units, and eight podium floors — six floors of parking, one floor for residents' facilities, and one floor of business space. Construction is slated to commence on May 2 and is expected to last 34 months.

Inta Bina indicated that the company intends to finance the contract through borrowings and internal funds.

This is the third construction contract Inta Bina secured this month.

On Tuesday, Inta Bina said it bagged a RM169.67 million contract to develop a serviced apartment project in Country Heights. Earlier this month, Inta Bina received a RM348.92 million contract from Eco Ardence Sdn Bhd for the main building works of the proposed Maya Integrated Development.

For the financial year ended Dec 31, 2023 (FY2023), Inta Bina's net profit more than doubled to RM22.87 million from RM9.55 million due to improvements in gross profit margin. Revenue jumped 39.4% to RM650.11 million from RM466.27 million, mainly from the construction of residential and commercial properties.

Inta Bina shares slipped 0.5 sen or 1.27% to 39 sen at Thursday’s market close, valuing the group at RM208.26 million. Over the past year, the counter has jumped 16 sen, or 69.57%.