KUALA LUMPUR: Construction services firm GDB Holdings Bhd says the open tender system for construction projects in the public sector introduced by the new government is beneficial to the construction industry in the long run.

Its managing director Cheah Ham Cheia said the move would foster great transparency and accountability in the award of tenders as well as the procurement process.

“The move would also help ensure that the best proposals that are in the public’s interest are selected, as it takes into account important elements such as the contractor’s experience, financial capabilities as well as project design and costing.

“Additionally, through encouragement and enforcement of best practices, we look forward to seeing enhanced competitiveness among domestic construction players in the long run,” he told reporters after the company’s annual general meeting here yesterday.

As at May 31, 2018, GDB’s tender book stood at RM2.1bil, up from RM1.4bil on April 23, 2018, driven by the group’s participation in more tenders for high-rise projects in the Klang Valley area.

The group’s current tender book consists of six projects, including high-rise residential and commercial building developments. — Bernama