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apple developer:Revival of mega infrastructure projects to benefit Gamuda

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,Gamuda workers get trained in tunnelling, - File pic

The announcement by Gamuda Bhd that it plans to start the first reclamation works for the ambitious Penang South Islands (PSI) project will see more jobs under the Penang transport master plan (PTMP) coming on stream.

The PSI project would see the creation of three islands -- named A, B and C -- with a total area of 4,200 acres at the southern tip of Penang.

Aside from PSI, other components in PTMP are the construction of transportation systems such as an elevated light rail transit (LRT), a bus rapid transit (BRT), tram, ferry and water taxis as well as the Pan Island link highway.

The whole PTMP project reportedly costs some RM46bil.

MIDF Research expects Gamuda’s longer-term prospects to look favourable, as jobs related to the PTMP over the next 10 years will fill up the latter’s orderbook.

“Moving forward, we do not discount the possibility of the group to win further contracts from other components of the PTMP such as the Pan Island Link, Bayan Lepas LRT and dual to three carriageway highways. There are also potential spill-over effects to its property development should Gamuda Land successfully bid for the reclaimed land sales in the foreseeable future. “Thus, we are of the view that this current arrangement for the project is of benefit to the group in the longer run, ” says MIDF Research in a report.One of the planned South Island projects

Gamuda’s 60%-owned subsidiary SRS Consortium Sdn Bhd is the project delivery partner (PDP) for the PTMP. Gamuda’s partners in SRS are Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd, with each holding 20% in the consortium.

New structure brings more risk

On Thursday Gamuda said that SRS will undertake the development of the first phase of the PSI, dubbed “Island A”.

Gamuda said the Penang state government had accepted the terms of project development of Island A on March 25.

The project will be implemented through a joint venture (JV) with the Penang state government, and fully funded by the consortium through internally generated funds and bank borrowings.

According to Gamuda, a project development company will be formed on a JV basis between the entity nominated by the Penang state government (PSG nominee) and a special purpose vehicle to be set up by SRS (SRS PD), on the basis of 30:70 respectively.

“SRS PD will fund all the equity capital required and arrange for the necessary borrowings which may be required by the project developer to undertake and fulfil all its obligations under the project development, ” it said.

Island A will have a total size of 2,300 acres, which will take about 10 years to be reclaimed.

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