CONSTRUCTION group Gagasan Nadi Cergas Bhd has accepted two letters of intent (LOI) worth RM385 mil from subsidiaries of Paramount Corp Bhd to undertake turnkey contracts of designing and developing high rise affordable homes in Selangor.
Gagasan Nadi Cergas’s subsidiary Nadi Cergas Sdn Bhd entered into the deal with Paramount Property Development Sdn Bhd and Paramount Property (Sepang) Sdn Bhd to construct high rise residential projects of 2,005 units in two locations, namely Kemuning Utama and Greenwood Salak Perdana.
The physical construction works are scheduled to begin in 2Q 2022 for 1,076 affordable homes in Greenwood Salak Perdana and in 4Q 2022 for 929 units in Kemuning Utama, Selangor.
The duration of construction works for the two locations will be 48 months and 36 months respectively.
“Our expertise and reputation in building essential projects have borne fruits as we managed to secure yet another housing contract for the masses barely a year since our previous significant win in affordable housing projects,” commented Gagasan Nadi’s group managing director Wan Azman Wan Kamal.
“This new housing contract from a reputable property developer not only shows our value proposition as a cost competitive contractor, but also supports the development industry’s needs to fulfil the Government’s goal in addressing affordable housing shortage within the state.”
Moving forward, Gagasan Nadi expects to position itself as an integrated player in the field by continuing to work on its strengths to deliver more similar projects for both government and private developers.
The group has previously won a RM777 mil Rumah Idaman contract from Menteri Besar Selangor Incorporated in July last year to construct 4,319 units of affordable homes in Bukit Jelutong and Almina West, Shah Alam.
With the new win from Paramount Group, the company’s total wins for the year stand at RM482 mil, including the RM97 mil contract awarded last March to build a full facility MARA Junior Science College (MRSM) campus in Dungun, Perak.
Gagasan Nadi has a current outstanding orderbook of RM1.7 bil, including this new high rise affordable housing project; the MRSM full-facility campus in Dungun, Perak; the Bukit Jelutong and Elmina Rumah Idaman affordable homes project; Cardiology Centre in Serdang Hospital, Selangor and Putrajaya Homes public residential development in Putrajaya.
As of 9.54am, Gagasan Nadi was up 0.5 sen or 1.59% with 1.05 million shares traded, thus valuing the company at RM241 mil – May 25, 2021
