Waja Konsortium wins RM190 million Johor Bahru building contract
Its 51%-owned subsidiary will build serviced apartments and affordable townhouses for Affluent Crafts Sdn Bhd over a 24-month contract period.
Waja Konsortium Bhd has won a construction contract worth RM190 million for a residential development in Johor Bahru, according to its Bursa Malaysia filing on Nov 4. Property developer Affluent Crafts Sdn Bhd awarded the work to Waja Build Tech Sdn Bhd, its 51%-owned subsidiary.
The development on Jalan Suria Muafakat Utama includes 824 serviced apartment units in a 26-storey building, alongside 24 affordable townhouses in a three-storey block. The contract runs for 24 months from commencement.
Waja plans to fund the project using bank borrowings and internally generated funds. The company expects the work to make a positive contribution to earnings during construction.
The award follows Waja’s exit from Bursa Malaysia’s Guidance Note 3 classification on July 8, about four months earlier. Its completed regularisation plan included a share capital reduction of RM85 million.
Waja had been classified as financially distressed in October 2023 after substantial losses exceeded shareholders’ equity. Its shares ended trading on Nov 4 unchanged at five sen, giving the company a market value of RM55.8 million.
