Iris Corp Bhd wins RM623 million construction deal

PETALING JAYA, Dec 2: Iris Corp Bhd has been awarded a construction contract by Perbadanan Putrajaya (Perbadanan) for an estimated gross development cost of RM622.73 million. In a filing with the stock exchange, Iris said the contract is for the development of Perumahan Penjawat Awam 1Malaysia (PPA1M) and a mixed development on 16.2-acre land in Putrajaya.

The company will build 1,928 units of residential houses under PPA1M as well as 508 residential houses and 22 units of commercial buildings for open sale. The construction period is 30 months and is expected to contribute positively to Iris’ earnings for the next three financial periods ending March 31, 2017 until March 31, 2019.

— THE SUN