Gamuda unit bags RM8.3bil Penang Mutiara Line job

KUALA LUMPUR: Gamuda Bhd's subsidiary SRS Consortium Sdn Bhd, has bagged the first civil works package of the Penang Mutiara Line project by MRT Mutiara Sdn Bhd, subsidiary of MRT Corporation Sdn Bhd worth RM8.32 billion.

Gamuda owns a 60 per cent stake in the consortium. SRS Consortium's other shareholders are Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd, each holding a 20 per cent stake.

SRS Consortium is the main contractor for civil and structural works for the initial segment of the LRT Mutiara Line, stretching from Penang South Reclamation Island-A (PSR-A) to Komtar.

Gamuda, in a statement today, said this marks a significant milestone in Penang's transportation infrastructure development.

The first segment of the project entails 23.7km elevated viaduct from Komtar to Island A of the Penang South Reclamation (PSR).

It also encompasses 19 stations (above ground) and one provisional station in Island A of PSR, a depot at PSR Island A for light and heavy maintenance and ancillary structures, at-grade park and ride, utilities and services relocations, utility buildings, external surface works, and other associated works.

"This award reflects the confidence in our technical capabilities and track record in delivering complex infrastructure projects, both locally and overseas," Gamuda said in the statement.

"The Penang Mutiara Line represents a transformative development for Penang's public transportation landscape, and we are committed to delivering within the budget and on time in its execution," it added.

The project is scheduled for completion within six years from the notice to proceed.

SRS Consortium was reportedly offered the first package (Mutiara Line civil infrastructure works) under a single-sourcing request for proposal last March.

CIMB Securities recently said its preliminary estimates suggested a 60 per cent share of the RM8 billion contract would boost Gamuda's year-to-date financial year 2025 outstanding order book by 72 per cent to RM11.5 billion.

The groundbreaking ceremony for the Mutiara Line was held at Bandar Sri Pinang on Jan 11.

A first for Penang, the entire urban rail project is slated for completion by 2030 and is expected to cost over RM10.5 billion.

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