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KUALA LUMPUR: WCT Bhd is targeting to secure RM2 billion worth of projects this year to add to its existing order book of RM3.2 billion, said its deputy managing director Goh Chin Liong.
The infrastructure group is currently bidding for projects including the construction of bridges, government office buildings and highways in the Middle East, he told reporters after WCT’s annual general meeting (AGM) here yesterday.
On the local front, he said the group was eyeing the light rail transit (LRT) extension project and the Langat 2 water scheme project, which is a part of the Pahang-Selangor inter-state water transfer project.
WCT has already submitted its pre-qualification documents for the Langat 2 project.
WCT and its joint-venture partner Sinohydro Corporation are among the 17 companies prequalified as the main developer of the LRT extension project reportedly worth RM7 billion.
Besides the two projects, Goh said: “We are also pursuing some jobs in Sabah and Sarawak.”
On the property development front, Goh said the group was looking forward to launch four to five new projects this year. including the RM600 million 1 Medini Residences condominium in the Medini area of Iskandar Malaysia development region.
The high-rise 1 Medini Residences contains 1,332 condominium units and is scheduled for completion in 2015.
Going forward, Goh is cautiously optimistic of the company’s prospects this year given the challenging economic climate. “Earnings should not be worse this year,” he added.
Meanwhile, he said the arbitration between WCT’s joint-venture (JV) company with Arabtec Construction Bhd and Dubai-based Meydan LLC on the termination of the contract to build a racecourse in Dubai is still ongoing. In September 2007, Meydan had awarded the 4.6 billion dirham (RM4 billion) build-only contract to the JV company for construction of the main building works, external works and infrastructure works of the Al Nad Sheba racecourse.
The project was originally slated for delivery last October. However, on Dec 29, 2008 the JV company received a letter from Meydan giving 14 days’ notice to cancel the contract.
Meydan attributed the cancellation to “non-adherence to the agreed time schedule for construction”, which is strongly disputed by the JV company, said WCT in a Bursa Malaysia filing.
The JV is seeking 1.69 billion dirham plus other sums yet to be quantified.
This article appeared in The Edge Financial Daily, May 13, 2010.
The infrastructure group is currently bidding for projects including the construction of bridges, government office buildings and highways in the Middle East, he told reporters after WCT’s annual general meeting (AGM) here yesterday.
On the local front, he said the group was eyeing the light rail transit (LRT) extension project and the Langat 2 water scheme project, which is a part of the Pahang-Selangor inter-state water transfer project.
WCT has already submitted its pre-qualification documents for the Langat 2 project.
WCT and its joint-venture partner Sinohydro Corporation are among the 17 companies prequalified as the main developer of the LRT extension project reportedly worth RM7 billion.
Besides the two projects, Goh said: “We are also pursuing some jobs in Sabah and Sarawak.”
On the property development front, Goh said the group was looking forward to launch four to five new projects this year. including the RM600 million 1 Medini Residences condominium in the Medini area of Iskandar Malaysia development region.
The high-rise 1 Medini Residences contains 1,332 condominium units and is scheduled for completion in 2015.
Going forward, Goh is cautiously optimistic of the company’s prospects this year given the challenging economic climate. “Earnings should not be worse this year,” he added.
Meanwhile, he said the arbitration between WCT’s joint-venture (JV) company with Arabtec Construction Bhd and Dubai-based Meydan LLC on the termination of the contract to build a racecourse in Dubai is still ongoing. In September 2007, Meydan had awarded the 4.6 billion dirham (RM4 billion) build-only contract to the JV company for construction of the main building works, external works and infrastructure works of the Al Nad Sheba racecourse.
The project was originally slated for delivery last October. However, on Dec 29, 2008 the JV company received a letter from Meydan giving 14 days’ notice to cancel the contract.
Meydan attributed the cancellation to “non-adherence to the agreed time schedule for construction”, which is strongly disputed by the JV company, said WCT in a Bursa Malaysia filing.
The JV is seeking 1.69 billion dirham plus other sums yet to be quantified.
This article appeared in The Edge Financial Daily, May 13, 2010.
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