Gamuda wins RM2.54b Parramatta station works contract, secures development rights

PETALING JAYA (Sept 4): Gamuda Bhd, through a consortium comprising its Australian subsidiaries and MTR Corp (Australia) Pty Ltd, has secured an A$880 million (RM2.54 billion) design-and-construct contract for the future Parramatta metro station and associated infrastructure in Sydney.

The award also includes development rights linked to a precinct concept approval for four integrated developments above and adjacent to the future station. The development-rights component is separate from the A$880 million station works contract and has no disclosed development value.

In a Bursa Malaysia announcement on Thursday (Sept 3), Gamuda said Sydney Metro awarded the Parramatta Integrated Station Development project to the Riverside Link Consortium, comprising its wholly owned Australian subsidiaries Gamuda Engineering Pty Ltd and Gamuda (Australia) Pty Ltd, together with MTR Australia.

Separately, Bursa Malaysia said trading in Gamuda securities was halted from 9am to 10am on Friday (Sept 4). The exchange drew investors’ attention to Gamuda’s Sept 3 announcement.

Gamuda holds 80% of station works

The A$880 million contract value, inclusive of incentives, relates to the station works, which will be undertaken by Gamuda Engineering and MTR Australia on an 80:20 participation basis, respectively.

The scope comprises the design and construction of the future Parramatta metro station and associated station infrastructure. Work commenced on Sept 4, with completion targeted for 2032.

Gamuda said the Parramatta project would be the sixth station on the Sydney Metro West alignment to be delivered by Gamuda Engineering.

The group is also involved in the Sydney Metro Western Tunnelling Package, which it expects to complete in the coming months, and has secured the Stations Package West, covering five stations at Westmead, North Strathfield, Burwood North, Five Dock and The Bays.

Development rights for four integrated developments

Under the development-rights component, Gamuda (Australia) and MTR Australia will participate on an equal basis.

The current precinct concept approval allows for four integrated station developments comprising commercial, retail and residential uses above and adjacent to the future Parramatta metro station.

Gamuda said the developments are intended to be delivered in phases after Sydney Metro West opens, subject to relevant planning approvals and final contractual and funding arrangements.

The group described the development rights as ancillary to the station works award and said it would make further announcements when material information is finalised or required to be disclosed.

Gamuda said the project provides an opportunity to combine its engineering and property development capabilities in Australia.

The group said Parramatta is positioned to become Sydney’s second central business district, while the opening of Sydney Metro West, targeted for 2032, is expected to strengthen demand for residential and commercial development around the station precinct.

Gamuda expects the project to contribute positively to the group’s revenue and earnings over its duration.

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