George town: Nestcon Bhd's wholly-owned subsidiary, Nestcon Builders Sdn Bhd, has secured a RM243 million construction contract from EXSIM Waterfront Sdn Bhd in George Town, Penang.

According to BERNAMA News Agency, the construction and engineering company disclosed in a filing with Bursa Malaysia that the contract entails the construction of a 57-storey serviced apartment block. The project is slated to commence on January 18, 2027, with an expected completion date of December 17, 2029, spanning a total duration of 35 months.

The company further detailed that the defect liability period for the project would extend 27 months from the issuance date of the Certificate of Practical Completion. Nestcon highlighted that the contract is poised to have a positive impact on the company's net assets per share, earnings per share, and gearing throughout the project's timeline.