GDB lands first East Malaysia contract worth RM213.3m

KUALA LUMPUR (Nov 7): Construction services firm GDB Holdings Bhd (GDB) has bagged its first contract in East Malaysia to build the Hyatt Centric hotel in Kota Kinabalu, Sabah, for a provisional contract value of RM213.3 million.

In a statement today, GDB said its unit Grand Dynamic Builders Sdn Bhd executed the Letter of Intent (LOI) from Hap Seng Consolidated Bhd’s unit Sunhill Ventures Sdn Bhd to undertake construction works for the 5-star Hyatt Centric hotel.

It said the 22-storey development features 222 guestrooms and will cater to adventurous, leisure and business guests as a convenient gateway of access to the commercial district, shopping mall, restaurants, as well as other local attractions in Sabah and Borneo.

GDB group managing director Cheah Ham Cheia said the latest award is GDB’s second contract won from Hap Seng, having secured the 26-storey Menara Hap Seng 3 in Kuala Lumpur City Centre in 2017.

Cheah said with the new contract, the firm has secured new jobs worth RM865.3 million year-to-date.

“Together with GDB’s order book as at June 30, 2019, our outstanding order book stands at approximately RM1.2 billion, to be recognised over the next three years,” he said.

The duration of the contract will be for 22.5 months, with commencement date on Jan 2, 2020 and scheduled completion date on Nov 16, 2021, the statement added.

At midday break today, GDB slipped 1.33% or 0.5 sen to 37 sen, valuing it at RM231.25 million.

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