KUALA LUMPUR, Gamuda Bhd, through its wholly owned subsidiary Gamuda (Singapore) Pte Ltd (GSPL), has successfully secured a RM3.31 billion leasehold land parcel at Chencharu Close from the Housing Development Board (HDB) of Singapore.
In a filing with Bursa Malaysia, Gamuda said the development plans are still being finalised. However, its preliminary proposal envisions the construction of up to 875 residential units alongside 135,625 sq ft of commercial space.
The land has been earmarked for the development of a private condominium, retail outlets, a bus interchange, and a hawker centre. Gamuda said the project aligns with its broader strategy of strengthening its international footprint, particularly in Singapore, one of its key overseas markets.
“Given the strong underlying demand and capped construction costs, the development is considered a relatively lower-risk avenue to advance these strategies,” the group noted. According to the company, the project is expected to be completed within 84 months from the tender acceptance date.
The tender was originally submitted jointly by GSPL, Evia MCS Pte Ltd (Evia) and H108 Pte Ltd (H108). Under the agreement, the land parcel will be acquired through two joint-venture companies — Polaris Times Square Residences Pte Ltd and Times Square Mall Pte Ltd.
Gamuda said the acquisition is expected to contribute positively to the group’s future earnings while enhancing shareholder value over the medium to long term. Subject to regulatory and procedural requirements, the transaction is expected to be completed by the fourth quarter of 2025.
