KUALA LUMPUR (Nov 27): Siab Holdings Bhd has secured a RM106.80 million residential development project in Pantai Sentral, Kuala Lumpur.

The project entails the construction of a 32-storey apartment block with 336 units and a floor of resident facility, the construction group said in a filing with Bursa Malaysia on Monday.

Siab said its unit Siab (M) Sdn Bhd secured the award from Murni Lapisan Sdn Bhd (MLSB), with the duration of the project being 34 months.

The project is expected to contribute positively to the earnings and net assets of the company for the financial year ending Dec 31, 2023 and throughout the duration of the project, the group added.

Shares in Siab closed 0.005 sen or 4% lower to 12 sen, giving the group a market capitalisation of RM56.50 million.