Aspen Vision City awards RM442 million contract to Malaysian firm

ASPEN Vision City Sdn Bhd, a subsidiary of Aspen Vision Land Sdn Bhd, has awarded a lump sum contract worth RM442 million (S$141 million) to Kerjaya Prospek (M) Sdn Bhd on Tuesday.

Malaysian developer Aspen (Group) Holdings announced in a Singapore Exchange filing on Thursday that the main contract works are for Plot 10 (Vertu Resort) located in Aspen Vision City in Penang, Malaysia.

The project covers the construction of Vertu Resort that consists of five condominium blocks ranging from 20-storey to 36-storey, and 1,246 condominium units, will be built above an eight-storey car park podium, with one storey above the car park for community recreational facilities.

The scope of the project includes overseeing the overall construction, which includes all civil and structural works, electrical works, external infrastructure works, automatic waste collecting system, interior design fit-out, and landscaping and facilities features.

Aspen said that the project is expected to commence on Sept 4, 2017, and be completed within 38 months from the commencement date.

Last month, Aspen launched its initial public offering on the Catalist board of SGX. It offered 173.3 million shares at 23 Singapore cents each and aimed to raise S$36.72 million in net proceeds.

Aspen closed trading at S$0.23 on Thursday, up 0.5 Singapore cent, or 2.22 per cent.