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Gamuda Berhad (29579-T) • Annual Report 2012
in Q3 of FY2012, the MMC-Gamuda JV was
appointed the Project Delivery Partner (PDP) for
the sBK line. As PDP, the JV undertakes to deliver
to the government a fully functional and operating
railway system within the agreed target cost and
completion date in return for a fee.
Also, in Q3 of FY2012, our JV won the international
open tender for the underground works package
of the sBK line. Competition was stiff and our
JV, being the only local tenderer, competed
successfully against four large Asian contractors.
Despite being offered the right to match the lowest
successful tendered price, our JV did not have to
utilise this option, having emerged outright as the
best evaluated tenderer with the lowest price.
This RM8.28 billion “Design-and-Build” underground
works package comprises the constructionof 9.5km
of twin-bored tunnels and seven underground
stations in the city centre between semantan
and Maluri. Works have already commenced and
activity levels are expected to build up in the coming
months. Full completion of the works is expected by
mid-2017.
in the coming year, the division will focus on
the execution of the underground works and
project management of the elevated works and
systems works to ensure our obligations are fully
met. At the same time, our project development
team will continue to engage with MRT Corp (the
Project owner), sPAD (the land Public Transport
Commission) and various other Government
agencies involved in the implementation of the
project to expedite the scheduled roll-out of the
second and third KVMRT lines by end of 2013.
in the meantime, works on the eDTP continue
to progress well and is expected to complete
by november 2014 as provided for under the
contract.
PRoPeRTY DeVeloPMenT
Riding on the strong sales built up over the last
couple of years, the property division achieved
revenue and pre-tax profit growth of 51% and
91% respectively. The division also recorded new
property sales totalling RM1.5 billion for the year,
up 15% from the previous year. Although domestic
property sales were slightly lower, total new sales
were boosted by maiden contributions from our two
new developments in Vietnam.
our flagship development in hanoi, Gamuda
City, was launched in December 2011. Despite a
generally weak market, the response was good and
initial launches were very successful.
At Celadon City in ho Chi Minh City, new sales
continue to be somewhat sluggish. We believe
buyers are adopting a wait-and-see approach
as the township is still in its early stages of
development. notwithstanding this, the project
took a major step forward when it concluded the
en-bloc sale of a piece of retail mall land to Aeon
of Japan. We remain confident that buying interest
will return when construction of the retail mall is
completed and the township is further developed.
our plan is to build and sell completed apartments
as the completed units will better demonstrate the
project’s superior product designs and masterplan.
in the meantime, we remain fully committed to
completing construction of two residential tower
blocks and common township facilities.
“our properties division achieved its third consecutive year of
good performance with several of our property projects chalking
up record levels of new sales.”