According to The Star, a Malaysian newspaper, analysts believe that Gamuda Bhd’s target of securing construction-related contracts worth 25 billion RM (approximately 5.3 billion USD) in the 2024-2025 financial year is achievable, as the value of contracts secured since the start of the financial year has already surpassed the 15 billion RM (approximately 3.2 billion USD) mark.
The latest contract secured by this construction and engineering company is for the construction of a hyperscale data center (HDC) with an 80MW capacity, valued at 1.74 billion RM (370 million USD), located in Elmina Trade Park (Selangor, Malaysia) for clients Sime Darby Property Bhd and Pearl Computing Malaysia Sdn Bhd.
Kenanga Research states that out of the six contracts Gamuda has secured so far this year, three have had their values confirmed: the Kaohsiung Gold (MRT) Line in Taiwan, China (3.03 billion RM), the West Coast MRT station and tunnel in Singapore (1.77 billion RM), and the data center project.
Gamuda Bhd is a Malaysian construction and property conglomerate. Pictured: The Kajang Line MRT developed by Gamuda.
The research firm also mentions that civil construction contracts for the Upper Padas Hydroelectric Plant (estimated at 2 billion RM), the Mutiara Line Penang light rail (4.6-5 billion RM), and a high-capacity signaling project for DT Infrastructure in Australia are still under negotiation.
Kenanga Research has increased its forecast for Gamuda’s financial year 2025 by 6% and boosted the company’s financial year 2024-2025 revenue potential to 27 billion RM (5.7 billion USD) from 25 billion RM.
According to RHB Research, the construction of the latest data center has pushed Gamuda’s total contract wins to approximately 2.2 billion RM, including work at the AIMS Cyberjaya Block 2 (200 million RM) and Block 3 (300 million RM) data centers.
The organization states that Gamuda has established a solid reputation in the data center construction industry by completing the AIMS Cyberjaya Block 2 (8MW) project in 8 months instead of the expected 13 months.
Gamuda Enters Vietnam in 2007 with Gamuda City Project
Gamuda Land entered the Vietnamese market in 2007 with its first township project, Gamuda City, in Hanoi. The Yen So Sewage Treatment Plant and Yen So Park are expansion projects of Gamuda City.
Gamuda Vietnam expanded to Ho Chi Minh City with two other development projects: Celadon City and Artisan Park.
According to the Gamuda Group’s website, Gamuda Vietnam has a workforce of 100 employees, of which 85%-90% are Vietnamese.
Gamuda Land is recognized as one of the Top 5 best foreign property developers in Vietnam.
Gamuda City (Hanoi) is Gamuda’s first real estate project in Vietnam.
In late 2023, Gamuda Land and the main contractor, Fountech, held a groundbreaking ceremony for the Eaton Park luxury apartment project on Mai Chi Tho Street, An Phu Ward, Thu Duc City, Ho Chi Minh City.
This project is the result of Gamuda Land’s acquisition of land in July 2023 in a deal valued at over 315 million USD (over 7 trillion VND) and is the company’s third consecutive successful million-dollar transaction in Vietnam. The project is set to launch in Q2 2024.
The total area of the project’s land is 3.77 hectares, with plans for six 40-story towers featuring 1,968 luxury apartments ranging from 1 to 3 bedrooms, 12 penthouses, 51 podium shops, and 21 shophouses.
The total development value of the project is estimated to be over 1.1 billion USD. The project is expected to be introduced with prices starting from 7,000 USD/m² (approximately 170 million VND/m²). According to a report by Savills, 75% of the project falls into the high-end segment with values ranging from 4,000 to 7,000 USD/m² (equivalent to 97-170 million VND/m²).
