Basic HTML Version
013
Gamuda Berhad (29579-T) • Annual Report 2012
on the property front, the Group will continue to
replace our near-completed developments with new
projects. our developments in Valencia and Kota
Kemuning are expected to be completed within
two years, and new developments such as Madge
Mansions and The Robertson, and more recently
the newly-acquired land parcel in Kelana Jaya will
augment the division’s portfolio of developments.
To sustain medium to longer term growth, the
property division will also endeavour to acquire
new land bank to develop new townships.
in Vietnam, our developments are still in their
infancy. The Group will continue to grow and nurture
these developments and take all necessary steps
to ensure the success of these developments. The
Board remains confident that our investments in
Vietnam will generate substantial returns as these
developments mature.
on the whole, the property division is expected to
post another strong year in FY2013, underpinned
by a record level of unbilled sales and growing
contributions from Vietnam.
Key risks for the Group include an unexpected
economic downturn, significant changes in
Government spending policies, unfavourable raw
material price movements, unexpected problems
or delays in the execution of the KVMRT project, or
additional measures to curb the property market.
in Vietnam, our property businesses will remain
sensitive to the overall economic climate and the
market response to our product offerings.
Financials are expected to remain strong into the
coming year. The Board continues to be prudent
in managing the balance sheet and projected net
gearing levels are expected to remain comfortable.
on behalf of the Board of Directors, i wish to place
on record our appreciation to all employees for their
efforts, hard work, and contributions during the
year. The last year has been particularly challenging
for many of our staff, especially those involved in
the KVMRT project. A special word of thanks goes
to all of them who have contributed to getting this
massive project off the ground in a relatively short
space of time.
our sincere thanks and appreciation also go out to
clients, investors, bankers, customers and suppliers
for their continued support, as well as the various
local and overseas authorities and regulators for
their invaluable guidance and assistance.
Finally, we wish to congratulate Dato’ ir ha Tiing
Tai who has been promoted to Deputy Group
Managing Director. At the same time, we also wish
to extend our warm welcome to Tunku Afwida binti
Tunku A.Malek who joins the Board as independent
non-executive Director. We wish to place on record
our deepest thanks to Ms Wong Chin Yen who has
left the Board. last, but not least, my thanks goes
to my fellow Board members for their invaluable
contributions, advice and guidance.