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The group said the lower profit was mainly due to the impact of higher raw material prices and freight costs for its consumer packaging business and deferment of Certificate of Completion and Compliance issuance in certain developments.

Describing Putrajaya's approval for the MRT3 as "timely" and "a shot in the arm for the rather muted construction sector", they pointed out that Gamuda's previous participation in MRT1 and MRT2 via the MMC-Gamuda joint venture (JV) will put the company in good stead for the latest project which was announced on Tuesday (March 15)

This is after Transport Minister Datuk Seri Dr Wee Ka Siong in his speech said that the government is looking for ways to integrate all the train lines in the Klang Valley — Mass Rapid Transit (MRT), Light Rail Transit (LRT), Monorail, Keretapi Tanah Melayu Bhd (KTM) and the East Coast Rail Link (ECRL).

MoF will issue government-guaranteed Islamic bonds to raise the required funds for the massive rail transportation project, according to Mass Rapid Transit Corp Sdn Bhd (MRT Corp) chief executive officer (CEO) Datuk Mohd Zarif Hashim.

The group, via its wholly-owned unit Advancecon Infra Sdn Bhd (AISB), has accepted the Letter of Acceptance from Sime Darby Property (Bukit Raja) Sdn Bhd for the appointment of AISB as the contractor for the proposed construction and completion of earthworks and other related works for the development of Phase 2 (R6, R8, R9, and C5) at Bandar Bukit Raja 2, Kapar district. 

Speaking at MRT Corp’s media briefing, its chief executive officer Datuk Mohd Zarif Hashim (pictured) said the project’s construction cost is expected to be RM31 billion pending confirmation after the completion of the open tender exercise.

The minister told the media that the jobs will be awarded in the fourth quarter of this year.

“In 1H22, we’re still faced with high numbers of daily infections, so people are looking forward to better times later in the year. I think everyone is hoping that the pandemic is going to be behind us by the second half of the year,” Rehda acting president Datuk N K Tong (pictured) said during a virtual presentation of the “Rehda Property Industry Survey for 2H2021 and Market Outlook 2022” on Tuesday (March 15).

The research house said in a note that it sees heightened prospect of a stagflation in the sector due to the Russia-Ukraine conflict which has driven up global commodity prices amid prolonged supply chain disruptions.

In a statement on Sunday (March 13), the group said its property development subsidiary NCT Platinum Sdn Bhd’s project was previously known as the Genting Valley project comprising 665 bungalow plots over five phases, which was abandoned for almost 17 years by the initial developer.