Sunway Construction Group (SunCon), part of tycoon Jeffrey Cheah’s Sunway conglomerate, has secured a RM1.02 billion (US$249 million) engineering contract for a data center project in Malaysia’s Johor state.
SunCon said in a stock exchange filing on Monday that a wholly-owned subsidiary had received a letter of award from a US-headquartered multinational technology corporation for the job, which involves mechanical, electrical and plumbing fit-out.
Works have commenced and are expected to be completed by the fourth quarter of 2027, The Star reported. The client’s name and the data center’s location were not disclosed.
The latest contract brings SunCon’s new orders for this financial year to RM5.8 billion, and its outstanding order book to RM10.4 billion, per the New Straits Times.
The firm earlier won RM664.4 million worth of additional works in June for two data center-related substation projects in Johor.
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Jeffrey Cheah, founder and chairman of Sunway Group. Photo from Sunway University’s website |
Shares of SunCon have risen over 37% this year, valuing the company at RM10.43 billion, according to The Edge Malaysia.
It is one of four listed businesses under Sunway Group, a diversified conglomerate with businesses in real estate, healthcare, education and infrastructure.
The group is controlled by Cheah, whom Forbes ranked as Malaysia’s 8th richest man earlier this year with an estimated net worth of $5.3 billion.