DBhd’s renewed parking management contract in the Philippines valued at RM62mil

Temporary anti-dumping measures on ethanolamine products produced in the Malaysia, Saudi Arabia, Thailand and the United States is also being introduced.

KUALA LUMPUR: Damansara Realty Bhd (DBhd) has estimated the renewal of its parking management contract at the Madrigal Business Park (MBP) in southern Manila to be worth RM62 million.

This is based on the renewal of 702 existing parking bays at the park, it said in a statement today.

The 20-year contract secured by its unit Metro Parking Management Philippines Inc would also include the construction of an additional 208-bays of steel deck parking structure in MBP -- a bustling business hub in the affluent suburb near Alabang Town Centre, one of Metro Manila’s best-known shopping and lifestyle centres, it said.

The contract also provides management rights to the company that will contribute to sustainable income for the next 20 years, with an additional five years as and when Metro Parking constructs an additional level of the steel deck parking bays to cater for future growing demands in the area.

It said the contract value was also expected to grow within 20 per cent to 40 per cent in tandem with the increase of parking rates as stipulated in the contract with MBP.

“It has always been our focus to explore more of high growth markets such as the Philippines and we will continue to broaden our services and offerings, leveraging on our specialities,” said DBhd group managing director Ts. Brian Iskandar Zulkarim.

The goal was for Metro Parking to maintain its position as the most preferred car park management company in the Philippines while strengthening its place among the top three in Malaysia, he said.

Groundwork on the 28,000 sq ft plot will begin within the next six months and the car park building is expected to be completed in the third quarter of 2020. - Bernama