Gamuda unit to develop four townships with GDV of RM45bil

Gamuda Land Bhd chief operating officer Ngan Chee Meng with a scale model of Kundang Estates.

SHAH ALAM: Gamuda Bhd, through its property arm Gamuda Land Sdn Bhd, will be developing four major township projects with an estimated gross development value (GDV) of RM45bil. 

Gamuda managing director Datuk Lin Yun Ling said two projects, Kundang Estates and Gamuda Gardens, had already been launched while the remaining two, Twentyfive.7 and Gamuda Cove, would be launched in the third quarter of its financial year ending July 31, 2017 (FY17).

“For this financial year, Gamuda Land has set a sales target of RM3bil as compared to RM2.1bil achieved in FY16, with half of the target to be contributed by its overseas projects.

“Currently, unbilled sales for Gamuda Land stands at RM1.9bil,” he told reporters after the group’s AGM in Shah Alam on Thursday.

Lin expects a strong growth for Gamuda Land over the next two years with the rollout of the four new major townships, considering the first phase of Kundang Estates had been sold out.

As for Gamuda, he said the group’s orderbook currently stands at RM9bil, which is expected to keep it busy for the next three years.

Gamuda has allocated RM2.5bil in capital expenditure for FY17 which will be spent mostly on plant, machinery and tunnel boring machines (TBMs).

“We already have eight TBMs from the Mass Rapid Transit (MRT) Line 1 that are being refurbished in Ipoh for MRT Line 2, while another four TBMs have been purchased as we need 12 TBMs for Line 2,” he said. - Bernama