(THE EDGE MARKETS)

KUALA LUMPUR (Nov 23): GDB Holdings Bhd said it has completed the construction of a 49-storey condominium project in Desa ParkCity two months ahead of its contractual completion date of Dec 20.

GDB was awarded the RM245 million contract to build Westside III, the tallest structure in the township, by Perdana ParkCity Sdn Bhd.

GDB was previously contracted by Perdana ParkCity for the construction of One Central Park, a 45-storey condominium, which was delivered over three months ahead of schedule in October 2016.

“The early delivery of both projects to Perdana ParkCity proves that their confidence in us was well placed, and we look forward to working with them on more projects in the future,” GDB managing director Cheah Ham Cheia said in a statement today.

“This achievement cements GDB’s track record for delivering large-scale construction projects ahead of schedule,” he said.

Cheah said GDB is seeking to expand its order book, which stood at RM613.70 million as at Sept 30.

“We are optimistic that our track record for quality, safety, and early completion alongside our efforts to enhance the competitiveness of our bids in view of the challenging operating environment will translate to positive results,” he added.

GDB registered revenue and net profit of RM55.7 million and RM6.8 million respectively for the third quarter ended Sept 30, 2018.

For the first nine months of the year, the group posted revenue of RM205.2 million and net profit of RM22.5 million, which is almost equivalent to the net profit recorded for the full year in 2017.