KUALA LUMPUR: Putrajaya Perdana Bhd is confident of securing this year at least 20% of the total RM2bil projects it has tendered for.
Chief executive officer Wie Hock Kiong said the amount represented only Malaysia-based construction projects that comprised retail offices and condominiums for the Government and private sector.
“Later this year, supported by our new major shareholder Swan Symphony Sdn Bhd, we are looking forward to bidding for projects in Iskandar Malaysia and Abu Dhabi,” he said after the company AGM yesterday.
Swan Symphony, which holds 49.13% in Putrajaya Perdana, will open the door for the construction company to expand its wings to lucrative Middle East and Iskandar Malaysia markets.
This is because Swan Symphony is a 51%-owned subsidiary of Abu Dhabi Kuwait Malaysia Investment Corp.
Wie said the company was in the midst of setting up a branch office in Abu Dhabi that would be ready by the next quarter.
Some of the projects Putrajaya Perdana can bid for in the Middle East are the US$27bil Saadiyat Island Development and the “zero carbon, zero-waste and car-free” city being planned by the Abu Dhabi government.
The company, with assistance from Swan Symphony, has signed a memorandum of understanding with Abu Dhabi-based Aldar Properties PJSC to undertake the construction, design and consultancy works of node 1 of Iskandar Malaysia.
Additionally, Putrajaya Perdana will continue to focus on the construction of energy-efficient building.
Currently, Putrajaya Perdana's order book stands at RM2.2bil, of which half has been completed.
The outstanding RM1.1bil will last the company more than 18 months.
On the rising raw materials costs, Wie said the company was trying its best to mitigate the impact through hedging and securing flexible contracts for its future projects.
“The prices of steel bars and cement have moved up significantly and going forward, we are proposing a sharing of the fluctuating raw materials costs with customers for our new tenders,” he said.
For the nine months ended Dec 31, 2007, Putrajaya Perdana reported a pre-tax profit of RM37.9mil on revenue of RM336.1mil.
Last year, the company changed its financial year-end to Dec 31 from March 31 previously.
By The Star