PETALING JAYA: A joint venture of WCT Holdings Bhd and TSR Capital Bhd has clinched a RM676.8 million contract for the construction of an eight-storey shopping complex at Merdeka 118.
Both companies told the stock exchange that they have accepted and executed the letter of acceptance issued by PNB Merdeka Ventures Sdn Bhd in respect of the contract.
WCT and TSR Capital shall in due course form an incorporated joint venture company in the ratio of 51:49 respectively to undertake the contract.
The shopping complex forms part of the integrated development undertaken by PNB Merdeka Ventures known as Merdeka 118, comprising amongst others, the PNB 118 Tower, the Park Hyatt Hotel and an observation deck.
The scope of works for the contract includes the construction and completion of a shopping complex podium, including the architectural works for the basement, retail area, residential drop-off and core, tower link bridge and external works.
The contract is expected to commence on January 2, 2019 and completed within 30 months.