PETALING JAYA: GDB Holdings Bhd has secured its largest single contract to date of RM1.25 billion for the completion of the remaining main building works for KSK Land Sdn Bhd’s 8 Conlay in Kuala Lumpur.
8 Conlay consists of three towers, atop a four-storey experiential retail space. The integrated mixed development features the first and only five-star 68-storey high Kempinski Hotel in Malaysia and two twisted towers which are devoted exclusively to branded serviced residences called YOO8 serviced by Kempinski.
The group stated that its’ wholly owned subsidiary Grand Dynamic Builders Sdn Bhd entered into a letter of intent with KSK Land’s wholly owned subsidiary, Damai City Sdn Bhd which stated the two parties intent to enter into a definitive letter of award to appoint GDB as the main contractor for the project.
GDB’s group managing director, Cheah Ham Cheia pointed out since its inception it has been entrusted to execute superstructure works for high-end residential as well as commercial developments, having established a track record of delivering works ahead of contracted delivery.
“Having secured this letter of intent for 8 Conlay is the pinnacle in our portfolio, in light of the project’s iconic luxury and ambitious endeavour in the city centre,” he said in a press release today.
Cheah pointed out that the three high-rise blocks would be the tallest towers that it has participated in.
KSK Group CEO and KSK Land managing director Joanne Kua stated that she is confident that with the participation of GDB as its main contractor, 8 Conlay will be completed to the highest standard and in a timely manner despite the challenging times.
“Now that we have the right partner to stride towards the completion of our flagship project, it will be all the more pleasing that a home-grown company is able to join us on this epic journey,” said Kua.
In regards to funding, GDB intends to fund the contract via internally generated funds and/or bank borrowings.
It stated the project duration is for 32 months and it is expected to contribute positively to the group’s future earnings for the duration.
With that, GDB’s order book as at June 30, 2020 is approximately RM2.27 billion which will sustain it to Dec 31, 2023.
Aside from 8 Conlay, GDB’s ongoing high rise projects are the AIRA Residence in Damansara Heights, Park Regent Desa ParkCity in Kuala Lumpur, Perla Ara Sentral in Ara Damansara, and the Hyatt Centric Hotel in Kota Kinabalu in Sabah.
Cheah pointed out that the contract demonstrates its immense competitiveness to secure large-scale contracts even amidst the current challenging landscape in the property development sector.
