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awarded 68 works packages worth RM21 billion with the
remaining 18 minor packages expected to be awarded
progressively over the next financial year.
As the main contractor for the RM8.28 billion underground
works package of the KVMRT, SBK Line, MMC-Gamuda JV
is required to construct 9.5km of twin-bored tunnels and
seven underground stations beneath heavily built-up and
populated residential districts and business commercial
centres, as well as key employment areas in the urban
and suburb corridors of Klang Valley.
The alignment for the twin-bored underground tunnels
begins near the intersection between Jalan Semantan
and Jalan Duta, winding through KL Sentral, Pasar Seni,
Merdeka, Bukit Bintang, Pasar Rakyat, Cochrane, before
ending at Maluri.
By the third quarter of FY2013, the first unit of the
world’s first Variable Density Tunnel Boring Machine (VD
TBM) that was specially designed and custom-made
for tunnelling beneath Kuala Lumpur’s extreme karst
geological formation was fully assembled at the Cochrane
Launch Shaft.
In total, 10 units of TBMs will be used to construct the
twin-bored tunnels that stretch from Semantan to Maluri
– six units are VD TBMs, and another four are Earth
Pressure Balance (EPB) TBMs.
As of end August 2013, two units of VD TBMs are already
in operation, tunnelling from the Cochrane Launch Shaft
towards Pasar Rakyat MRT station, while another two
units of EPB TBMs are boring from Semantan Portal
towards KL Sentral MRT station.
With most of the elevated works packages already been
awarded, and underground works already commenced,
construction is proceeding at full speed. Activity levels for
KVMRT, SBK Line will accelerate as per work schedule
with full completion expected by mid-2017.
As at end August 2013, progress of the KVMRT, SBK Line
was at 26% overall.
Earnings from the Electrified Double Track Project (EDTP)
from Ipoh to Padang Besar also helped support profitability
for the Group, with the project progressing well. The EDTP
is near the tail end of the project. Remaining works such as
communications, electrification and signalling are expected
to be completed on schedule by November 2014.
Property Development
With an already well-established brand as a developer
of quality lifestyle homes in the Malaysian market, our
property division continued to capitalise on our brand,
thus, achieving new sales totalling RM1.8 billion, up
20% from the previous year’s sales of RM1.5 billion,
with unbilled sales reaching RM1.5 billion. This year, the
division’s sales came entirely from domestic sales.
The property division had recorded a reduction in revenue
and pre-tax profit of 5% and 10% respectively, mainly due
to lower contribution from the projects in Vietnam. The
property market in Malaysia has stabilised following the
tightening measures imposed by Bank Negara Malaysia to
cool the market towards end of 2012.
Horizon Hills, a joint venture development with UEM
Sunrise, is the main sales contributor of the property
division with sales hitting the RM1 billion mark for the
first time. This development is located in Johor, within the
Iskandar Development Region (IDR).
In the Klang Valley, Bandar Botanic, an established
township in Klang which was launched in mid-2000,
continued to attract local buyers with strong sales
recorded this year.
Property sales from our Vietnam venture, namely our
flagship development Gamuda City in Hanoi, and Celadon
City in Ho Chi Minh City, however, slowed due to the
country’s economic problems.
Performance
Review
Gamuda Berhad (29579-T)
Annual Report 2013
011