GDB COMPLETES WESTSIDE III PROJECT TWO MONTHS AHEAD OF SCHEDULE (PRESS RELEASE – 23RD NOVEMBER 2018)

  • 9M18 net profit of RM22.5 million almost equivalent to full year FY2017 net profit

Selangor, Malaysia, 23 November 2018 – Construction services firm GDB Holdings Berhad (GDB, GDB控股有限公司, Bloomberg: GDB:MK, Reuters: GDBH.KL) has completed the construction of Westside III in Desa ParkCity, Kuala Lumpur, two months ahead of its contractual completion date of 20 December 2018, having received the Certificate of Practical Completion dated 20 October 2018.

GDB was awarded the RM245.0 million contract by Perdana ParkCity Sdn Bhd to build the 49-storey condominium of Westside III, the tallest structure currently in the Desa ParkCity township.

Testifying to its quality, GDB was awarded three certificates for its Westside III project, namely Safety and Health Assessment System in Construction (SHASSIC) certificate from the Construction Industry Development Board (CIDB) by scoring 5 star (98%), the Building Quality Assessment System certificate with a BuildQAS score of 81.8 from BuildQASTM, and the certificate of achievement by SIRIM for implementing the Green 5-S Program.

Additionally, GDB was awarded first place in the Anugerah COMBI Tapak Binaan 2017 for its Westside III project. Anugerah COMBI Tapak Binaan is jointly awarded by the Health Department Wilayah Persekutuan Kuala Lumpur and Putrajaya, Kuala Lumpur City Hall and CIDB, to contractors for their effort in creating an Aedes-free construction site.

GDB was previously contracted by Perdana ParkCity Sdn Bhd for the construction of One Central Park, a 45-storey condominium, which was delivered over three months ahead of schedule in October 2016.

Mr. Cheah Ham Cheia (谢汉), Managing Director of GDB Holdings Berhad said:

“The early delivery of both projects to Perdana ParkCity proves that their confidence in us was well placed, and we look forward to working with them on more projects in the future.”

“This achievement cements GDB’s track record for delivering large-scale construction projects ahead of schedule. Going forward, we remain steadfast in our commitment to maintain our reputation for early completion of projects.”

“Additionally, we target to expand our order book which stood at RM613.7 million as at 30 September 2018. We are optimistic that our track record for quality, safety, and early completion alongside our efforts to enhance the competitiveness of our bids in view of the challenging operating environment will translate to positive results.”

Read the full press release here.

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