Latest news from Iskandar Malaysia! MRCB bagging almost half a billion construction jobs from DRH to build hotel(s) and a convention center in Desaru. Sheraton is already there, and now Westin. It finally looks like Desaru will take off as a “business touristic destination” driving further attention on Iskandar Malaysia (which it really needs at this moment).
MRCB bags RM485m worth of construction jobs
BY MELLISA THEAN
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) ( Financial Dashboard) has bagged three contracts totalling RM485 million from Destination Resorts and Hotel Sdn Bhd (DRH) to build a conference centre and two hotels, namely Desa Desaru and Westin Desaru Resort, in Desaru Coast, Johor.
In a filing with Bursa Malaysia yesterday, MRCB (fundamental: 1.3; valuation: 1.4) said the construction projects comprise a RM61.4 million conference centre, the 386-room Desa Desaru hotel valued at RM212 million and the 275-room Westin Desaru Resort worth RM211.6 million.
“The construction period of the projects is between 19 months and 21 months from the date of site possession of June 25, 2015 (today),” added MRCB. DRH, a wholly-owned subsidiary of Khazanah Nasional Bhd, is the strategic owner and developer of Desaru Coast.
Source : The Edge Markets