Aspen awards RM617m construction contract to Kerjaya Prospek

MALAYSIAN developer Aspen (Group) Holdings' indirect subsidiary Aspen Vision City has on Jan 13 awarded a RM617 million (S$203.9 million) construction contract to contractor Kerjaya Prospek (M) for two projects in Penang, Malaysia.

Aspen will pay RM365 million for the first project, the Vivo Executive Apartment, and RM252 million for the second project, Viio, which is Vivo's second phase of development. 

The contract's scope of work includes all civil and structural works, electrical installation, sanitary and plumbing installation, interior fit-out works and the pneumatic waste system, among other things.

Work for the Vivo project is expected to commence on Feb 14, 2020 and complete within 38 months. A start date has yet to be announced for Viio, but it is to be completed within three years of the commencement date.

Vivo consists of three 48-storey blocks with 1,530 executive apartments and a nine-storey podium consisting of car parks, community recreational facilities and shop lots.

Viio, situated adjacent to Vivo, has a 46-storey block and a 48-storey block with 980 executive apartments in total. Viio is slated for launch in the second quarter of 2020.

Kerjaya Prospek - an independent third party - is the main contractor for Aspen Vision's ongoing residential project Vertu.

The latest contract is not expected to have material impact on the consolidated earnings and net tangible assets per share of Aspen for the financial year ended Dec 31, 2020, the group said.

Shares of Catalist-listed Aspen were down S$0.002 or 2.3 per cent to S$0.086 as at 1.53pm on Monday.