Gamuda wins RM2.54b Parramatta station contract; AmFIRST REIT proposes RM331m Menara AmBank sale

Gamuda wins RM2.54b Parramatta station contract with separate development rights

Sydney Metro awarded the Parramatta Integrated Station Development project to the Riverside Link Consortium, comprising Gamuda Engineering Pty Ltd, Gamuda (Australia) Pty Ltd and MTR Corp (Australia) Pty Ltd, Gamuda said in a Bursa Malaysia announcement dated Sept 3.

The A$880 million (RM2.54 billion) contract, inclusive of incentives, covers the design and construction of the future Parramatta metro station and associated station infrastructure. Gamuda Engineering and MTR Australia will undertake the station works on an 80:20 basis, respectively. The award separately includes development rights under an existing precinct concept approval for four integrated commercial, retail and residential projects above and adjacent to the future station. Gamuda (Australia) and MTR Australia will participate in this component on a 50:50 basis. Gamuda has not disclosed a development value for those rights.

Work began on Sept 4 and is targeted for completion in 2032. Gamuda said Parramatta would be the sixth station it has delivered on the Sydney Metro West alignment, alongside its Western Tunnelling Package and the five-station Stations Package West.

AmFIRST REIT seeks approval for RM331m Menara AmBank disposal

AmFIRST Real Estate Investment Trust is seeking unitholders’ approval to sell Menara AmBank in Kuala Lumpur to AmBank (M) Bhd for RM331 million cash in a related-party transaction under Bursa Malaysia’s Main Market Listing Requirements.

The meeting of unitholders is scheduled for Sept 21. The consideration represents a 0.61% premium to the RM329 million market value assigned to the property by independent valuer Rahim & Co International as at March 31, 2026. The 46-storey office tower has 453,419 sq ft of net lettable area and was 77.8% occupied as at March 31. Affin Hwang Investment Bank Bhd, the independent adviser, noted that occupancy had remained below 75% between 2021 and 2025, while gross rental income and net property income recorded compound annual declines of 1.22% and 2.92%, respectively, over the 10 years through FY2026. AmFIRST REIT estimates a net loss on disposal of about RM8.72 million, mainly reflecting estimated transaction expenses. Separately, it estimates a gain of about RM50.71 million when the consideration is compared with the property’s total investment cost, including capital expenditure, of RM269.33 million. Subject to completion, about RM225 million of the proceeds is intended to settle principal outstanding under facilities secured against Menara AmBank, while RM95.03 million is planned for partial repayment of other borrowings.

On a pro forma basis, gearing would fall to 33.94% from 46.60%, while illustrative distribution per unit would rise to 3.24 sen from 2.87 sen. Net asset value per unit would ease to RM1.21 from RM1.22.

F&N completes RM181.61m exit from Section 13 land venture

Fraser & Neave Holdings Bhd (F&NHB) has completed the disposal of its entire 50% interest in Vacaron Company Sdn Bhd to Tan & Tan Developments Bhd for an interim consideration of RM181.61 million, according to a Bursa Malaysia filing on Friday.

F&NHB received RM136.21 million, or 75% of the interim consideration, on Sept 3. The remaining RM45.40 million is secured by an irrevocable bank guarantee from Tan & Tan and is payable on July 3, 2027. Vacaron owns a 5.149ha, or about 12.7-acre, leasehold parcel in Section 13, Petaling Jaya, earmarked for mixed-use development. The interim consideration was calculated against an agreed revised land value of RM360 million, supported by an independent valuation by Henry Butcher Malaysia. The final consideration remains subject to adjustment following an audit of Vacaron’s pro forma management accounts. Following completion, Tan & Tan and Frasers Property Holdings (Malaysia) Pte Ltd each hold a 50% interest in Vacaron, giving them joint control of the Section 13 site.

The partners had announced plans in August to develop the site into PJ Quarter, a two-phase mixed development. The first phase will comprise residential units, retail space and a park, with residential sales targeted for launch in 2027.

Also on the radar today

Today's roundup

Gamuda and AmFIRST REIT lead today’s digest on the strength of their transaction size and broader property implications, with Gamuda combining a major Sydney Metro West construction award with separate development rights, while AmFIRST’s proposed Menara AmBank disposal would materially reduce gearing if approved. F&N’s completed exit from the Section 13 land venture follows as the third main item, given its direct link to the planned PJ Quarter redevelopment. The remaining corporate, infrastructure, residential and policy updates are carried as quick takes or radar items according to their relative significance and level of new disclosure. The Felda land-deal investigation remains on the radar because of the property and developer-appointment allegations, with no assumption of wrongdoing implied.