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Gamuda Secures RM1.74 Bil Contracts for SDP’s Hyperscale Data Centre

KUALA LUMPUR: Gamuda Bhd’s wholly-owned unit Gamuda Engineering Sdn Bhd bagged 2 contracts worth a combined value of RM1.74 billion for the development of a hyperscale data centre at Sime Darby Property Bhd’s (SDP) Elmina Business Park.

Gamuda said the project consists of 2 key phases, namely the construction phase, which has a contract value of RM815 million and the mechanical phase that is worth RM928.6 million.

For the construction phase, it said Gamuda Engineering will be responsible for the construction, completion, testing and commissioning of the hyperscale data centre and associated ancillary facilities.

“It is scheduled to begin on 27 May 2024, with a target completion date of 27 February 2026,” Gamuda said in a statement.

For the mechanical phase, Gamuda said the contract covers the fit-out testing and commissioning of the data centre’s mechanical, electrical and plumbing systems in Elmina Business Park 1A.

“This phase is expected to commence on 1 July 2025 and be completed by 9 September 2026,” it said.

To meet the rising demand for data centre construction, Gamuda plans to ramp up its next-gen digital industrial building system (IBS) production capacity for data centre materials.

“This strategic move positions Gamuda to capitalise on the significant opportunities,” it added.

Sime Darby Property Shares Rise

Sime Darby Property Bhd’s shares jumped by 7 sen to RM1.15 with 25.53 million shares traded at noon of 23 May 2024, following its announcement of doubled net profit for the first quarter ended 31 March 2024 (1Q24).

The property company reported a net profit of RM123.58 million in 1Q24, up from RM60.67 million in the same quarter a year ago.

Revenue also increased by 42.8% to RM978.69 million from RM685.33 million previously, with all segments contributing to the growth.

RHB Investment Bank Bhd said the company is likely to exceed its RM3 billion sales target by year-end, as current bookings have already reached RM2.4 billion.

“We like its strategic exposure to the industrial segment and strong earnings should continue to drive the re-rating of the stock,” it said in a note.

The research firm has upheld its ‘buy’ recommendation, raising its 2024 and 2025 forecasts by 13-15% and setting a new target price of RM1.42 (up from RM1.05).


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