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Friday, December 10, 2010

Qatar MRT project on Gamuda's radar

GAMUDA Bhd said it is eyeing opportunities in the massive US$45 billion (RM141 billion) mass rapid transit (MRT) project Qatar is planning to build next year.

Qatar is building the new infrastructure as it prepares to host the 2022 Fifa World Cup finals.

Gamuda group managing director Datuk Lin Yun Ling said the MRT system will be part capital city Doha's key transport infrastructure.

"The Qatari government needs the entire system to host the event and tender is expected to be announced next year, and when that happens, Gamuda will be ready to submit its tender," Lin told reporters after its shareholders' meeting in Shah Alam, Selangor, yesterday.
Lin said Gamuda has a good track record and is well-positioned to take part in construction projects in the Middle East, especially in Qatar as it is involved in the ongoing construction of the New Doha International Airport.

Gamuda's other on-going projects in the Middle East include the Dukhan highway in Qatar and the Sitra causeway bridges in Bahrain which are due to be completed by year-end.

On its property development projects, Lin said the company expects to rake in a record RM1 billion worth of sales this year and another RM800 million in unbilled sales.

Gamuda is anticipating total sales of RM5 billion in the next two years, of which RM2 billion will be from local sales while the remaining RM3 billion from its Gamuda City project in Hanoi.

"The property market is hot at the moment due to low interest rates, and banks have a lot of loan provisions on this sector and people do not want to sit on cash and lose its value preferring to get involved in assets.

"Our landbank is ample and our priority is also to sell low-yielding landbank and develop innovative developments for other strategic landbanks." Lin added.

On the greater KL MRT project, Lin said the Cabinet has yet to approve its joint proposal with MMC Corp Bhd.

He said the government, Prasarana (Syarikat Prasarana Negara Bhd) and Spad (Land Public Transport Commission) will decide on the location of train stations, railway alignment, railway network and get feedback from the public and other stakeholders before Gamuda and MMC take up the offer to deliver the RM45 billion project.

By Business Times

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