Vestland Berhad’s wholly-owned subsidiary successfully bagged two Design & Build contracts, amounting to a total contract value of RM116.1 million

• Two Design & Build contracts were awarded to Vestland Resources Sdn Bhd by Derrida (M) Sdn Bhd (contract value: RM53.0 million) and Sg. Besi Construction Sdn Bhd (contract value:
RM63.1 million) respectively, with a total contract value of RM116.1 million.
• Total job wins for 2023 to-date amounted to RM783.7 million.
• Total outstanding order book value of approximately RM1.8 billion.

Shah Alam, Monday, 5th October 2023 – Vestland Berhad (“Vestland” or “the Group”) is pleased to announce that Vestland’s wholly-owned subsidiary, Vestland Resources Sdn Bhd has been awarded with two Design & Build contracts from Derrida (M) Sdn Bhd and Sg. Besi Construction Sdn Bhd respectively, amounting to a total contract value of RM116.1 million.

The contract from Derrida (M) Sdn Bhd relates to a Design & Build project for a school, quarters, hostel and related facilities located at Sabah, with contract value of RM53.0 million. Whereas the contract from Sg. Besi Construction Sdn Bhd relates to a Design & Build project for two-blocks of thirteen-storey apartment and related facilities located at Pulau Pinang, with a contract value of RM63.1 million.

In 2023 calendar year-to-date, Vestland has successfully bagged a total of RM783.7 million worth of contracts. Including the recent job wins, Vestland has a total outstanding order book value of approximately RM1.8 billion.

“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 31st January 2023,” stated Group Managing Director, Datuk Liew Foo Heen. “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.”