KUALA LUMPUR (Jan 27): Advancecon Holdings Bhd (KL:ADVCON) has been awarded an RM82.09 million contract to carry out earthworks and main drainage works for a major development within the Johor-Singapore Special Economic Zone (JS-SEZ).
The 15-month contract covers Phase 1 (Package 1) of the Southern Catalyst Innovation District in Sedenak and is scheduled to commence on Feb 4, according to a Bursa Malaysia filing. The project was awarded by Southern Catalyst Sdn Bhd, a wholly owned subsidiary of Minister of Finance Inc.
Spanning 2,940 acres within the JS-SEZ, the Southern Catalyst Innovation District is designed to establish a comprehensive industrial ecosystem, integrating industrial, logistics, agritech, commercial, and residential components. The development is expected to attract strategic investments and support long-term economic growth in the region.
Advancecon group managing director Phum Boon Eng emphasised Johor’s strategic importance as a growth market. “We continue to focus on projects that align with our expertise in earthworks and civil engineering, while maintaining a disciplined approach to risk management and capital deployment amid a steady pipeline of industrial and infrastructure opportunities,” he said.
Shares of Advancecon closed at 20 sen, up half a sen or 2.56%, giving the company a market capitalisation of RM116.95 million.
From a property investment and development perspective, projects such as the Southern Catalyst Innovation District complement growing demand across Malaysia’s real estate landscape, including industrial land in Selangor, factory developments in Puchong, office space in Bukit Jalil, well-located industrial property in the Subang area, and commercial property in KL, all of which benefit from strategic connectivity and industrial expansion.
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