PETALING JAYA: Vestland Bhd has secured two letters of awards totalling RM116mil involving construction works of a school in Telupid, Sabah, as well as building works for affordable apartments in Jalan Permatang Pauh, Penang.

In a filing with Bursa Malaysia, Vestland said it had accepted a letter of award from Derrida (M) Sdn Bhd to undertake the design and build works for a school consisting of eighteen classrooms, eight quarters, a hostel and related facilities for 52.95mil.

It also secured a contract worth RM63.12mil from Sg Besi Construction Sdn Bhd to undertake the design and build works for design, approval, construction, completion, testing and commissioning of main building works for a 13-storey affordable apartment and a 13-storey medium-cost apartment.

“We are delighted to share our success in securing two more design & build contracts, adding on to our remarkable milestone, pursuant to our listing on the ACE Market on Jan 31, 2023,” group managing director Datuk Liew Foo Heen said in a statement.

“Our adoption of Blue Ocean strategy of leveraging on our expertise in design and build have paid off, as evident in the consistent revenue contribution of 50-60% from design and build segment for the past quarters, providing a strong earnings visibility for the upcoming 3-4 years.

“Our team’s diligent effort in growing our group is evident in our first ever contract win in Penang, expanding our presence geographically up to the Northern part of Peninsula Malaysia.”

Year-to-date, Vestland has bagged a total of RM783.7mil worth of contracts. Including the recent job wins, Vestland has a total outstanding order book value of approximately RM1.8bil.