KUALA LUMPUR (Oct 26): GDB Holdings Bhd (KL:GDB) has secured its largest job to date, a RM1.02 billion construction contract for a luxury residential development in Desa ParkCity, Kuala Lumpur.
The contract was awarded to its wholly owned subsidiary, Grand Dynamic Builders Sdn Bhd, by Perdana ParkCity Sdn Bhd for the construction of ParkCity Residences, comprising two blocks of 49 and 63 stories together housing 433 apartments.
The development will also feature a seven-storey podium with residential amenities and parking facilities, as well as a two-storey basement car park.
In a statement on Monday, GDB said construction is scheduled to commence in November and be completed in August 2031. This contract brings its year-to-date wins to a record RM1.81 billion.
Its total outstanding order book has increased to about RM2.05 billion, providing earnings visibility through 2031. The RM1.02 billion contract is equivalent to about 1.92 times GDB’s market capitalisation of RM531.1 million as at Monday's market close.
“Perdana ParkCity has entrusted GDB with their flagship developments for over a decade, reflecting their confidence in our execution capabilities, quality workmanship and timely delivery,” said GDB executive director and acting group managing director Andy Lai Wee Young.
“With a strong project pipeline across Peninsular and East Malaysia, we are well positioned to deliver sustained performance in the coming years,” Lai added.
GDB has had a working relationship with Perdana ParkCity since 2013, having completed One Central Park, Westside III and Park Regent, all in Desa ParkCity.
For the second quarter ended June 30, 2026 (2QFY2026), GDB’s net profit fell 39.3% to RM13.2 million from RM21.75 million a year earlier, while revenue declined 21.2% to RM142.48 million from RM180.86 million.
The weaker performance was mainly due to several projects nearing completion, including the KL International Hospital in Bukit Jalil, a logistics hub in Shah Alam and the Metrohub 4 Logistic Hub in Klang.
Earnings were also affected by higher administrative expenses following the enlarged group structure to support its expansion into Sarawak and Sabah.
Shares of GDB closed half a sen or 0.98% higher at 51.5 sen on Monday.