Gadang to buy Johor land from tycoon Danny Tan’s private firm for RM149mil
KUALA LUMPUR (Feb 6): Gadang Holdings Bhd is acquiring two parcels of freehold land totalling 78 acres in Pontian, Johor from GP Views Development Sdn Bhd — a private company owned by Tropicana Corp Bhd founder Tan Sri Danny Tan Chee Sing and his family — for RM149 million cash.
Gadang said the proposed acquisition is in line with its strategy to expand the revenue and earnings contribution from its property development segment.
“The proposed acquisition will help to replenish the group’s land bank for landed residential properties and to further increase its presence in the property market in Johor,” it added in a filing with Bursa Malaysia today.
Gadang’s indirect wholly-owned subsidiary Splendid Pavilion Sdn Bhd today entered into a conditional sale and purchase agreement with GP Views for the proposed acquisition.
It added that the land comes with a master development layout approval, which will be procured by GP Views for residential development with the density of 12 units per acre.
Gadang bags RM475mil hospital project in Cyberjaya
Gadang Holdings Bhd’s wholly owned subsidiary, Gadang Engineering (M) Sdn Bhd, has accepted a RM475 million contract for the design and building of the proposed Cyberjaya Hospital.
The award was given by Cyberview Sdn Bhd and will see the subsidiary unit undertaking the proposed development of the 288-bed hospital located on Lot 47686 at Persiaran Multimedia, Cyber 11, Cyberjaya, Mukim Dengkil in Selangor.
In an exchange filing last Friday, the civil engineering and construction company noted that the project is expected to contribute positively to the future earnings of the group. It added that none of its directors or major shareholders has any interest —direct or indirect — in the contract.
Gadang to build residential units in Kwasa Damansara
KUALA LUMPUR: Gadang Holdings Bhd has bagged the development rights for a 21.08-acre (8.53ha) plot known as R3-1 within the Kwasa Damansara township here from Kwasa Land Sdn Bhd — the master developer of the new township.
The proposed development, which has an estimated gross development value of RM700 million, will feature 780 residential units comprising a combination of high-rise towers and villas.
In a statement yesterday, Kwasa Land said its wholly-owned subsidiary Kwasa Development (3) Sdn Bhd had signed an agreement with Gadang’s unit Elegance Sonata Sdn Bhd for the development rights of R3-1.
Under the deal, Kwasa Land will receive RM165.5 million for the development rights and revenue sharing from Gadang.
“The development period would be six years for the entire project to be completed. Plot R3-1 is expected to be launched by January 2019,” said Kwasa Land.
Gadang JV bags RM327.9mil road infrastructure job from TRX City
KUALA LUMPUR (May 9): Construction firm Gadang Holdings Bhd says its 51%-owned joint venture company Gadang CRFG Consortium Sdn Bhd has bagged a major traffic dispersion and improvement job from TRX City Sdn Bhd worth RM327.91 million.
China Railway First Group Co’s subsidiary, CRFG Malaysia Bhd, owns the remaining 49% in Gadang CRFG Consortium.
“The project is expected to contribute positively to the future earnings of Gadang,” said Gadang in a filing with Bursa Malaysia this evening.
TRX City is the master developer of the Tun Razak Exchange (TRX) development.
In a separate statement, TRX City said the contract is part of a larger effort by the Kuala Lumpur City Council (DBKL) and the federal government to improve traffic along Jalan Tun Razak and its vicinity, to reduce traffic loading on Jalan Bukit Bintang and Jalan Tun Razak by as much as 27%.
Gadang Holdings bags RM952 mil MRT2 job
KUALA LUMPUR (Mar 10): Gadang Holdings Bhd has bagged a RM952.09 million contract from Mass Rapid Transit Corp Sdn Bhd (MRT Corp) to undertake viaduct guideway and other associated works under Package V206 of the Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya (SSP) Line.
In a filing with Bursa Malaysia today, Gadang said its wholly-owned subsidiary Gadang Engineering (M) Sdn Bhd has received a letter of acceptance from MRT Corp awarding the company the contract for Package V206.
“Package V206 involves the construction and completion of viaduct guideway and other associated works from Serdang Raya to UPM.
“The contract is expected to contribute positively to the future earnings of the group,” added Gadang.
Gadang shares closed up four sen or 3.28% at RM1.26 today, for a market capitalisation of RM818.3 million.
Gadang to develop RM160mil townhouse project in Puchong
KUALA LUMPUR: Gadang Holdings Bhd has entered into a deal to develop a townhouse project with a gross development value of RM160 million in Taman Putra Perdana, Puchong.
The builder said its indirect wholly-owned subsidiary, Tema Warisan Sdn Bhd, yesterday inked a joint-venture (JV) agreement with Perikatan Progresif Sdn Bhd for the development on a 17.5-acre (7ha) leasehold land.
Perikatan Progresif is the beneficial owner of the land, and under the deal will be entitled to 32% of the net development value, or RM42.688 million, whichever is lower.
Tema Warisan, meanwhile, will be responsible for development approvals and activities for the project, comprising 213 residential land parcels and three parcels for power substations.
Gadang tenders for RM5.2bil worth of construction projects
KUALA LUMPUR: Gadang Holdings Bhd said it is currently bidding for RM5.2 billion worth of projects, including several packages of the mass rapid transit 2 (MRT2) project and the new light rail transit 3 (LRT3), to replenish its order book.
“For financial year 2017 (FY17), we are still positive in terms of our financials,” said Gadang group chief financial officer Kok Pei Ling. “As you know, the construction sector is still good with all the contracts and awards being rolled out. Hopefully, we can retain last year’s performance and do better, if we can secure more contracts.”
“Currently, our tender book is about RM5.2 billion, but that figure does not include future projects that we foresee will be called for tenders later on,” she told reporters after the group’s annual general meeting yesterday.
As at the end of the first quarter ended Aug 31, 2016, Gadang’s order book stood at RM603.7 million.
Gadang Land to launch second phase of Laman View in Cyberjaya
The second part of the freehold township will feature the first phase of the gated Maple Residence, which comprises 194 two-storey terraced houses and 469 affordable apartments in PR1MA Two — the township’s second parcel under the 1Malaysia Housing Programme.
The 32.29-acre Maple Residence has a GDV of RM345 million and will be developed in two stages with the remaining 146 units to be launched at a later date. Measuring 22ft by 70ft and 22ft by 85ft, the terraced houses have built-ups of 2,133 to 2,823 sq ft and are going for RM897,000 to RM1.4 million. The indicative monthly maintenance fee is RM350 to RM400.
The RM157.5 million PR1MA Two occupies 6.75 acres and its target balloting is likely to be held in the last quarter of the year. Two typical units — 850 sq ft and 1,000 sq ft — are being offered, priced from RM298,000 to RM382,000.
Gadang Land managing director Ling Hock Hing says the construction of Phase 1 of Laman View, which was launched in the middle of last year, is ongoing and that the units are expected to be handed over early next year.
Gadang gets RM185mil contract from Petronas
KUALA LUMPUR (Dec 17): Gadang Holdings Bhd has secured civil and infrastructure works from Petroliam Nasional Bhd (Petronas) at Pengerang, Johor, worth RM185 million.
In a filing with Bursa Malaysia today, the civil engineering outfit said its wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd has been awarded with the contract by PRPC Utilities and Facilities Sdn Bhd, a subsidiary under the Petronas Group last Friday (Dec 11).
Gadang is tasked to undertake a project known as “Utilities, Interconnecting, Offsite (UIC) facilities: procurement, construction and commissioning (PCC) of civil and intrastructure works” at Storm Water East Area at Pengerang, Johor.
The contract will commence from the date of the contract award, with a contract period of 20 months.
Gadang expects the contract to contribute positively to its earnings for the financial year ending May 31, 2016 onwards.
Shares in Gadang closed up one sen or 0.46% at its five years high of RM2.17 today, for a market capitalisation of RM503.14 million.
Gadang confident of RM1bil construction order book
KUALA LUMPUR: Gadang Holdings Bhd is confident its construction order book could pass the RM1 billion threshold in financial year ending May 31, 2016 (FY16).
“As at October, our remaining order book is already RM874.4 million, so we are quite confident that we can surpass the RM1 billion level,” Gadang Engineering (M) Sdn Bhd managing director (MD) Khew Check Kiet told The Edge Financial Daily.
Gadang Engineering is a wholly-owned subsidiary of Gadang Holdings whose core businesses are civil engineering, building construction and provision of engineering works for mechanical and electrical services. It is also involved in property development, water concession and oil palm cultivation.
“On the Rapid (Petroliam Nasional Bhd’s refinery and petrochemical integrated development project) side, there are another five packages that we have tendered for, and the EKVE (East Klang Valley Expressway) we have put up three tenders, and for MRT (mass rapid transit) Line Two, we are submitting our tender next month,” Khew revealed.