GDB bags RM517m job to build Desa ParkCity's Park Regent development

KUALA LUMPUR (Sept 26): Construction firm GDB Holdings Bhd has clinched a RM517 million contract to undertake construction works as the main contractor for the Park Regent residential development located at Desa ParkCity here.

The contract is the group's single largest contract win to date, and the third time GDB was contracted to build high-rise residential buildings in Desa ParkCity, the group said in a statement today.

The contract was awarded by Cloudvest Sdn Bhd, a wholly-owned unit of Unicorn Frontier Sdn Bhd, which is a 50:50 joint venture entity between ParkCity Property Holdings Sdn Bhd and CapitaLand Malaysia Pte Ltd.

GDB said the Park Regent premium residential development comprises two 54-storey blocks with 505 apartment units on a five-storey podium, which consists of one-storey of residential amenities, a four-storey car park, as well as a one-storey basement car park.

The new contract in hand pushes the group's total contract wins this year to RM652 million, said GDB managing director Cheah Ham Cheia.

The contract, which will last 37 months starting Dec 2, brings the group's total outstanding order book to about RM1 billion, and will provide revenue contribution till the financial year ending Dec 31, 2022.

The group's other ongoing projects are the AIRA Residence in Damansara Heights, Menara Hap Seng 3 within the Kuala Lumpur city centre, and Perla Ara Sentral in Ara Damansara.

GDB shares closed half a sen or 1.64% higher at 31 sen today, giving it a market capitalisation of RM193.75 million.