KUALA LUMPUR (Oct 25): Gagasan Nadi Cergas Bhd rose to an all-time high on Monday morning (Oct 25) after securing an affordable housing project in Selangor with a gross development value (GDV) of RM1 billion.

The counter increased as much as two sen or 6.15% to a record high of 34.5 sen in early trade.

At the time of writing, it had pared some gains at 33.5 sen, still up one sen or 3.08%.

The counter was among the top 10 actively traded stocks this morning, with 14.67 million shares traded.

Last Friday, Gagasan Nadi Cergas said it had secured a contract from the Employees Provident Fund’s (EPF) wholly-owned subsidiary Kwasa Land Sdn Bhd to develop an affordable housing project in Selangor with a GDV of RM1 billion.

The contract is for the development of two parcels of land in the Kwasa Damansara township, Petaling, Selangor with a total land size of approximately 39.12 acres (about 15.83 hectares).

The development land is located within the vicinity of the future city centre of Kwasa Damansara adjacent to the Kwasa Damansara MRT Station that is already operational.

The proposed development will consist of approximately 3,990 units of affordable residential housing with an estimated construction value of RM750 million.

Barring any unforeseen circumstances, Gagasan Nadi Cergas said it is of the opinion that the proposed development will contribute positively to the group’s future earnings and net assets.

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