SIGNATURE Alliance Group Bhd (SAG) has secured a RM51.56 mil contract to undertake the re-development and refurbishment of Underwater World Langkawi, one of the island’s longest-running tourism attractions.
The contract was awarded to the ACE Markert-listed fit-out specialist’s wholly-owned subsidiary Zig Zag Builders (M) Sdn Bhd through a construction works agreement entered into with Langkawi-based owner and operator of the attraction.
Located in Pantai Cenang, one of Langkawi’s established beachfront tourism and commercial areas, Underwater World Langkawi is part of Main Market-listed Eden Inc Bhd.
Scheduled to commence on Nov 13, the project will be executed over an 18-month timeframe and is expected to contribute positively to SAG’s earnings and net assets throughout the contract period.
The win adds a substantial project to SAG’s order book as the group focuses on securing larger-value contracts.
The award represents a sizeable addition to SAG’s contracted project portfolio as the group continues to pursue larger-value opportunities and selectively replenish its order book.
Secured on Nov 2, the deal was not included in SAG’s previously reported unbilled order book of RM228.6 mil as of end-June 2026.
Signature project
The contract also extends Zig Zag Builders’ established delivery footprint in Langkawi.
The subsidiary previously completed a project with contract value of more than RM40.0 mil in the island where it delivered interior fit-out, cabinetry, joinery, built-in furniture and related works for two blocks of serviced apartments at a commercial hotel property.
“The approximate RM52 mil contract is an important addition to our project portfolio and reflects the direction we have set for SAG which is to secure larger-value projects while remaining disciplined on execution and margins,” commented the group’s executive director and group CEO Datuk Chang Chung Fei.
“Our team has direct experience working in Langkawi through the previous completed project, hence that familiarity with the local operating environment and logistics will be useful as we mobilise for this new assignment.”
Operating since August 1995, Underwater World Langkawi remains an anchor attraction within the island’s tourism sector.
According to the Langkawi Development Authority (LADA), Langkawi recorded approximately 3.2 million visitor arrivals in 2025, thus driving continued re-investment into upgrading established hospitality and visitor landmarks.
For SAG, the contract expands its track record in large-scale refurbishment and redevelopment works, complementing its core portfolio across corporate offices, commercial properties, hospitality, retail and selected industrial facilities.
By integrating project planning, in-house carpentry and joinery, custom furniture manufacturing, on-site installation and building works, the group is equipped to handle complex, multi-disciplinary upgrades.
“As we move into our next phase of growth, our priority is to convert new awards into timely project delivery, progress billings and cash flow,” enthused Chang.
“We want to build a larger business and we want that growth to be supported by sound project management and financial discipline.”
As of end-June 2026, SAG maintained a healthy net cash position of approximately RM80.2 mil which enables the group ample working capital flexibility to fund larger-scale projects alongside its planned capacity expansion.
Looking ahead, SAG will continue tendering selectively for higher-value fit-out and redevelopment opportunities across Malaysia that meet its internal execution and margin thresholds.
At the end of today’s (Nov 2) market trading, SAG was unchanged at 62.5 sen with 199,000 shares traded, thus valuing the company at RM625 mil. – Nov 2, 2026
