The construction group, Gagasan Nadi Cergas’ wholly-owned subsidiary, Nadi Cergas received the LA from Paramount Property Development to undertake the turnkey contract of designing and developing 929 high-rise residential units in Kemuning Utama township in Shah Alam, Selangor for RM189.8 million.
Prior to this LA, Gagasan Nadi Cergas had been tasked by Paramount Group to build high-rise affordable housing project in Greenwoods Salak Perdana, Sepang.
“The affordable home agenda especially in high-growth urban locations remains clearly on track, as the private and public sector play their respective roles to safeguard the welfare of the rakyat amidst Malaysia’s expected upward trajectory in the future. Being Paramount’s partner allows us to assist in realizing this goal. This is part of Gagasan Nadi Cergas’ delivery of nearly 10,000 affordable homes across Greater Klang Valley over the next five years. Together with our construction order book, the Group’s outstanding order book amounts to RM1.6 billion currently, to be recognized in a similar timeframe,” Haji Wan Azman bin Wan Kamal, Group Managing Director, Gagasan Nadi Cergas said.
Apart from the undertakings for Paramount Group, Gagasan Nadi Cergas’ affordable housing projects include the Rumah Selangorku housing project in Serendah, and the Rumah Idaman project for Kwasa Land Sdn Bhd in Kwasa Damansara.
Meanwhile, the Group’s construction order book includes works for the mosque in Merdeka 118; Cardiology Centre in Serdang Hospital, Selangor; and Maktab Rendah Sains MARA (MRSM) full-facility campuses in Bagan Datuk, Perak and Dungun, Terengganu.
Haji Wan Azman further noted that the Group was making positive progress in the operations of its property and construction segments.
“We have continued the momentum of on-site works in our property development and construction segments in the fourth quarter of 2021, and also with the nation’s transition into endemic phase in April 2022. Both segments are slated to contribute significantly in the current financial year.”
Gagasan Nadi Cergas had reported 13.8% higher net profit of RM5.7 million in the first quarter ended 31 March 2022 (1Q22) from RM5.0 million previously on firm recurring income from facility management and utility services.
1Q22 revenue jumped 31.6% to RM70.7 million from RM53.7 million a year ago, buoyed chiefly by positive contribution from ongoing projects. Property development segment revenue doubled to RM30.1 million from RM15.3 million previously on improved sales and progress billings, while construction revenue climbed 6.5% to RM35.6 million from RM33.4 million
previously.
