KUALA LUMPUR (Nov 30): Safety equipment manufacturer Fitters Diversified Bhd has won a construction contract worth RM78.3 million for a residential property project in Rawang.
The group said the job awarded by Pencala Jaya Sdn Bhd involved preliminary planning, infrastructure and main building works for Phase 3 of the firm’s development of two-storey and three-storey terrace houses.
The preliminary planning works are expected to begin in December, Fitters Diversified said in a filing with Bursa Malaysia.
"The contract was awarded based on FCSB's good track record in the successful delivery of 338 units of terrace houses including infrastructure works to Pencala Jaya under the RM97.8 million Phase 1 Azalea @ Taman Putra. The handover was in July 2020," the group said.
Fitters Diversified said the contract will contribute positively to the group’s earnings for the financial year ending Dec 31, 2021 (FY21), FY22 and FY23.
The group noted that the government has announced in Budget 2021 that a full stamp duty exemption scheme up to Dec 31, 2025, for memorandum of transfer and loan agreement for first time house buyers.
"The reintroduction of the Home Ownership Campaign under the PENJANA plan and various property friendly incentives would help to stimulate the property market," it added.
Shares of Fitters Diversified closed unchanged today at 22 sen, with a market capitalisation of RM108.11 million.