Kuala Lumpur, 11 November 2025 – IJM Construction Sdn Bhd, a wholly-owned subsidiary of IJM Corporation Berhad, has been awarded a Letter of Award worth RM1.4 billion by its sister company, New Pantai Expressway Sdn Bhd (NPESB), for the design and build of the fully-elevated 15-kilometre New Pantai Expressway Extension (NPE 2).
The extension will connect the Pantai Dalam Toll Plaza on the existing NPE to the Jalan Istana Interchange via Jalan Syed Putra, and includes directional ramps and a new toll-plaza facility. Construction is scheduled to commence in the fourth quarter of 2025 and is expected to be completed within 48 months.
According to IJM, this contract marks its third assignment above RM1 billion this year, following earlier wins: a RM1.4 billion data-centre project in Johor and a RM2.135 billion hyperscale data-centre development in Elmina. With this contract, IJM Construction’s total outstanding order book is now approximately RM15.2 billion, including its share of international associates; domestic order book stands at around RM9.3 billion.
Why This Matters
- The NPE 2 contract is a major infrastructure win and helps IJM diversify its portfolio in the infrastructure segment while strengthening its backlog and earnings visibility.
- The scale of the project and the fact that it is elevated add complexity and reflect strong execution capacity, reinforcing IJM’s position as a top contractor in Malaysia.
- A large order book with high-value contracts contributes to revenue stability, improved investor confidence, and potential for margin improvement.
What to Watch
- The execution timeline: Given the 48-month completion target, monitoring progress, cost control and timeline adherence will be critical.
- Contract replenishment: IJM will need to win further large-scale jobs to maintain momentum and offset project delivery risk.
- Impact on the share price and valuations: With a stronger order book and high-value wins, investor sentiment and analyst forecasts may adjust accordingly.
