GDB Bags RM213.3 Million Hotel Development Contract in Kota Kinabalu
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GDB Holdings Bhd’s wholly owned subsidiary Grand Dynamic Builders Sdn Bhd secured a contract to build the Hyatt Centric Hotel in Kota Kinabalu, Sabah with a contract value of RM213.3 million.
GDB told Bursa Malaysia that it had executed the letter of intent from Hap Seng’s wholly owned subsidiary Sunhill Ventures Sdn Bhd to undertake construction works for the 22-storey hotel development.
The duration of the contract will be for 22.5 months, commencing on January 2, 2020 with a scheduled completion date of November 16, 2021.
Both parties will enter into a formal letter of award for the contract works upon the finalisation of bills of quantities and awarded contract value.
Previously, the group had secured the contract for Menara Hap Seng 3 in Kuala Lumpur in 2017 from the Hap Seng.
GDB group managing director Cheah Ham Cheia commented that the award extends its reach to East Malaysia and further solidifies the group’s place as one of the leading high-rise builders in the country.
With the latest award, GDB has clinched RM865.3 million new jobs year-to-date.
“Together with GDB’s order book as at June 30, 2019, our outstanding order book stands at approximately RM1.2 billion to be recognised over the next three years,” said Cheah.
At the midday break, GDB’ share price was down half a sen to 37 sen on 744,500 shares done.