TCS Group Wins RM117mil Contract for Affordable Housing Project in Selangor

"TCS Group secures RM116.58 million contract from SP Setia subsidiary for affordable housing in Klang, boosting its order book and earnings visibility. Completion by 2027."

Kuala Lumpur, 01st Oct 2024, 11.41am - TCS Group Holdings Bhd has been awarded a RM116.58 million contract from a subsidiary of SP Setia Bhd.

The contract involves construction and infrastructure works for 561 affordable housing units as part of the Setia Bayuemas development in Klang, Selangor.

TCS stated that its subsidiary, TCS Construction Sdn Bhd, received the letter of award from I & P Kota Bayuemas Sdn Bhd for the project, according to its Bursa Malaysia filing on Monday.

The construction period is set for 28 months, starting in October 2024, with completion anticipated by February 2027.

TCS Managing Director Datuk Tee Chai Seng stated that securing this contract would enhance the group’s order book and provide clearer earnings projections for upcoming financial years.

He also highlighted that the outlook for the construction sector has improved, as raw material prices have stabilized. Additionally, increased project rollouts from both public and private sectors are expected to benefit the industry.