KUALA LUMPUR: Econpile Holdings Bhd, which provides bored piling and foundation services for real estate and infrastructure projects, has been invited to participate in tenders for Klang Valley mixed development projects.
According to group managing director The Cheng Eng and executive director/group chief executive officer Pang Sar, with home ownership a key priority nationwide, tenders for property projects are still being called, albeit in smaller contract sums as developers adopt a pragmatic approach.
"We continue to receive invitations to participate in tenders for mixed development projects in Klang Valley and aim to remain competitive," they said in its annual report 2023.
They addded that there is also a growing demand for industrial properties as multinational corporations seek to establish operations in Malaysia due to the country's strategic geographic location and attractive policies for foreign direct investment.
As of June 30 this year, Econpile had a total of 25 ongoing projects, the majority of which were high-rise property development projects in the Klang Valley and Cambodia.
According to its annual report, the company completed 11 projects during fiscal year 2023 (FY 2023).
Econpile has identified three key strategies for moving forward, including focusing on construction-related projects, expanding its presence in Cambodia, and investing in its fleet in anticipation of larger projects.
To support Malaysia's ongoing infrastructure development drive, the company is looking into selective opportunities in public megaprojects.
"Malaysia's transition to the endemic phase in mid-2022 allowed the construction sector to fully resume work and make up for lost ground in private and public projects that were stalled by Covid-19-induced movement control orders in previous years.
"Not only that, the uplifting of the foreign labour freeze as well as the smooth formation of the unity government in the fourth quarter of 2022 helped boost and bolster tender activities in the construction sector.
"It was on the back of the gradually optimistic market sentiment and our inherent competitiveness that Econpile and its subsidiaries successfully secured new projects, reaffirming our position as a prominent player in the piling industry," they said.
In FY2023, the company's largest project, located in Cambodia's Phnom Penh City, contributed more than one-third of its total revenue.
According to The and Pang, the company is optimistic about Cambodia's long-term growth prospects in line with the country's drive towards modernisation and urbanisation.
"Our positive outlook on the country's growth is matched by us securing our second project in Phnom Penh in the financial year," they said.
