Nova MSC Berhad’s (“the Company”) wholly-owned subsidiary, novaCITYNETS Pte Ltd (“NCN”) has recently been awarded a contract worth RM1.7 million by Shenzhen Qianhai HengChang Technology Development Co., Ltd. (“HengChang”), to provide Building Information Modelling (“BIM”) and engineering audit services.
The Contract, which marks Nova MSC’s first project in China, has a duration of 1 and a half years. BIM, which has been already adopted in many construction industries globally such as the United Kingdom, Untied States of America and Singapore, promotes better communication and cooperation between all parties within a particular project. The system also improves productivity and reduces rework and conflict during the project.
Property developer HengChang is involved in the development of an integrated high technology building complex consisting of office, hotel and commercial buildings. The project, which is located in Shenzhen Qianhai, comprises two land plots with a total land area of 14,950 square meters and a total construction area of 199,724 square meters.
novaCITYNETS Pte Ltd Chief Executive Officer Raymond Tan said: “We are glad that HengChang has committed to adopt BIM on their projects. We believe this will give our client an advantage over their competitors, as the BIM services have a track record of minimising and reducing costs within projects, given its ability to stimulate the construction process in digital format and ascertain if there are any clashes in drawings and plans prior to the commencement of construction.”
“This is just the first step for Nova MSC. Ultimately, moving forward, we are eyeing to supply our FORNAX ePlanCheck system (“FORNAX”). Since 2002, we have been continuously investing to develop this state-of-the-art system that will spur a revolution in the building plan checking process. As opposed to the traditional way of inspecting or checking building plans manually by experienced architects and engineers, FORNAX’s automated checking for non-compliance against regulatory requirements will simplify a task which normally takes weeks or even months to mere hours. Apart from achieving meaningful cost-savings, FORNAX will also enhance the productivity significantly,” Tan said.
“The Chinese government has emerged as a major force promoting BIM adoption in China recently with a guideline by the Ministry of Housing and Urban-Rural Development, aiming ambitiously for a national BIM adoption rate of 90% by the year 2020. Chinese contractors and architects are largely implementing the BIM software due to better design solution and reduced error,” Tan explained.
“With the widespread of BIM adoption in China, we anticipate there will eventually be more demand for Nova MSC’s FORNAX in the future,” Tan added.
The Company’s net profit almost tripled to RM1.7 million in the first quarter ended 30 June 2018 (“1QFY2019”), as compared to RM486,000 in the corresponding period last year. The stellar financial performance was primarily due to higher revenue recognition from the orderbook as a result of higher delivery of milestone from the occurrence of third party cost and higher sales orders. Going forward, Nova MSC is optimistic to achieve positive results, driven by its RM129 million order book as at 30 June 2018.