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KUALA LUMPUR (Jan 15): Vestland Bhd (KL:VLB) said it will not proceed with three Selangor affordable housing projects worth a total of up to RM550.69 million secured in 2022 from Splendid Forte Development Sdn Bhd.
According to a filing with Bursa Malaysia, the company said Vestland Resources Sdn Bhd and Splendid Forte agreed to mutually terminate the contracts, which involve the Selangor Cyber Valley Phase 1 and Phase II projects in Dengkil, Sepang, as well as the Sierra Alam project in Bukit Raja, Petaling. The projects were awarded under the Selangor state government’s affordable housing scheme and involve residential development, infrastructure works and landscaping.
The Selangor Cyber Valley projects carried contract values of RM234.86 million for Phase 1 and RM198.50 million for Phase II, while the Sierra Alam project was valued at up to RM117.33 million.
Vestland said work on all three projects has not started.
The group did not elaborate on the reasons for the termination, stating only that it was in the best interest of the company after considering all relevant factors.
Vestland added that the termination is not expected to have a material impact on its earnings or net assets for the financial year ending Dec 31, 2026.
Shares in Vestland closed unchanged at 46 sen on Thursday, valuing the company at RM434.4 million.
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