GDB clinches single-largest contract of RM517.0 million for Desa ParkCity’s Park Regent development [Press Release]

  • Appointed as main contractor by joint venture entity between ParkCity Property Holdings and CapitaLand Malaysia
  • Brings total contract wins for the year to RM652 million, and outstanding order book of approximately RM1.0 billion

Selangor, Malaysia, 26 September 2019 – Construction services firm GDB Holdings Berhad (GDB, GDB控股有限公司, Bloomberg: GDB:MK, Reuters: GDBH.KL)clinched its single-largest contract worth RM517.0 million to undertake construction works as main contractorfor the Park Regent residential development located at Desa ParkCity, Kuala Lumpur.

The construction work for Park Regent premium residential development comprises two blocks of 54-storey 505-unit apartments on a 5-storey podium, which consists of a 1-storey residential amenities, 4-storey car park, as well as 1-storey basement car park.

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

Elated on the new win, GDB’s Managing Director Mr. Cheah Ham Cheia stated that this was the third time GDB was contracted to build high-rise residential buildings at Desa ParkCity. Prior to this, GDB also successfully constructed two projects in Desa ParkCity, namely the 45-storey One Central Park and the 49-storey Westside III. Both projects were delivered 107 days and 61 days ahead of their contractual completion dates respectively.

Managing Director of GDB Holdings Berhad, Mr. Cheah Ham Cheia (谢汉正) said:

“Backed by our performance in delivering previous Desa ParkCity developments ahead of schedule, we are poised to continue playing our integral role in shaping the ever-growing and well-planned Desa ParkCity.

This fresh mandate by two leading property developers is a testament to GDB’s rapid ascension in just six years as one of the leading builders of high-rise developments that will support the nation’s ongoing development.

This new contract in hand pushes our total contract wins year-to-date to RM652 million.”

Mr. Cheah Ham Cheia (谢汉正)
Managing Director, GDB Holdings Berhad

The duration of the contract will be for 37 months, with commencement date on 2 December 2019 and scheduled completion date on 1 January 2023. The contract is expected to contribute positively towards the future earnings of GDB for the duration of the contract.

This contract win brings the Group’s total outstanding order book to approximately RM1.0 billion and will provide revenue contribution till financial year ending 31 December 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.

—