Advancecon bags RM27 mil earthworks contract for Rawang project
Prior to the current earthworks contract for the Gamuda Gardens Park project, Advancecon had previously completed earthworks for the adjacent Gamuda Gardens township in Rawang in 2020.
Prior to the current earthworks contract for the Gamuda Gardens Park project, Advancecon had previously completed earthworks for the adjacent Gamuda Gardens township in Rawang in 2020.
There are currently 20 "buy" calls and only one "sell" call on Gamuda, with a 12-month average target price (TP) of RM5.
The group’s construction and property earnings grew 35% to RM195 million in 1QFY2024, compared with 1QFY2023’s earnings of RM145 million.
This project is part of Singapore’s 15-kilometre (km) Cross Island Line Phase 2 (CRL2) Mass Rapid Transit (MRT) line, which is also Singapore’s eighth MRT line, comprising six stations.
Comprising 280 rooms across 13 storeys with room sizes ranging from 220 sq ft (square feet) to 650 sq ft, ASAI Gamuda Cove has a total built-up area of 180,000 sq ft and it is slated to open in 1Q2026.
Other developers on the Top 10 list were: Sunway Bhd — property division (No 2), S P Setia Bhd (joint No 3), Sime Darby Property Bhd (joint No 3), UOA Development Bhd (joint No 3), IOI Properties Group Bhd (No 4), IJM Land Bhd (No 5), Eco World Development Group Bhd (No 6), UEM Sunrise Bhd (No 7), Mah Sing Group Bhd (No 8), Matrix Concepts Holdings Bhd (No 9) and IGB Bhd (No 10).
Maya Bay Residences comprises three towers of serviced apartments with a total of 972 units.
Maybank Investment Bank Bhd (Maybank IB) said that Gamuda winning the contract to design and build the Kaohsiung Mass Rapid Transit (MRT) metropolitan line has lifted the group’s outstanding orderbook by 15% to RM23.
The 12 tenants are Jihun Korean Fried Chicken, My BurgerLab, BarTailor, Chinese traditional herbal jelly and tea vendor Koong Woh Tong, beauty and collagen drink company Kinohimitsu, Anytime Fitness, Regen Healthcare, children’s toy store Alilo, swimming school Optimum Train Global, drama school Blubricks, Ace Edventure, and STEM programme center Robothink.
In a note on Monday, the research house said Gamuda’s FY2023 CNP grew 7% year-on-year, another record high, as contributions from overseas engineering and construction (E&C) jobs offset earnings foregone post the sale of its tolled highways in October 2022.