KUALA LUMPUR (Oct 19): DutaLand Bhd has bagged a RM12.03 million contract for the construction of a new extension and upgrading work for the Avenue K shopping mall at Jalan Ampang, Kuala Lumpur.

Its wholly-owned unit, Oakland Holdings Sdn Bhd, accepted the letter of award today from City Properties Sdn Bhd, DutaLand said in a filing with Bursa Malaysia.

The group said the transaction is a related party one as certain DutaLand directors and major shareholders are deemed to have interests in the transaction.

The scope of work entails the construction and maintenance of the extension and upgrading works for levels 3 and 4 of the mall, together with landscape works.

The group said work is expected to commence this month and is scheduled to be completed in four months.

DutaLand's shares closed down 0.5 sen or 0.99% at 50 sen today, for a market capitalisation of RM423.06 million.