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Welcome dycarr and kopster2. On the issue of mega projects, I think the government is trying to use Private Financing Initiatives (PFI) to fund these projects. Perhaps the objective is to ensure greater responsibilities by those companies that implement these mega projects. Personally I believe it is a great idea, but it remains to be seen on the implementation part.
For communist style planning, hhc1977, I tend to believe having a plan is better than not having a plan. Though it may be wise not to plan "too big" or "too much ahead into future", I believe the key is still like what you mentioned, implementation.
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Ah... them brokerage houses mooting the idea that pipe makers could be winners too!
Posted on today's Star Biz:
Friday July 21, 2006
Pipe makers likely 9MP winners too
By Loong Tse Min
PETALING JAYA: Smaller class 'F' contractors are the likely winners of the first list of the Ninth Malaysia Plan (9MP) projects announced Tuesday, analysts said.
They noted that a high percentage of the projects would involve building works.
9MP to be catalyst to stock market
RENEWED hope and glee hogged the sentiments in the construction industry, long bogged down by a dearth of projects, as the much-awaited list of projects to be tendered out under the Ninth Malaysia Plan was rolled out over the week.
JOHOR BARU: Danga Bay Sdn Bhd (DBSB) expects real estate prices in Malaysia's premier integrated waterfront city project – Danga Bay – to rise significantly in the next few years. This will be buoyed by the RM12bil allocation to support development in the South Johor Economic Region under the Ninth Malaysia Plan (9MP).
Convinced of the project's commercial viability, DBSB and the Johor government's development arm, Kumpulan Prasarana Rakyat Johor, have invested a substantial amount in the bay and its surrounding areas.
DBSB is a privately held company in which Ekovest Bhd executive vice-chairman Datuk Lim Kang Hoo is a substantial shareholder and director.
Lim is also a director in Limbongan-Ekovest Management Sdn Bhd, the project manager of Danga Bay, in which Ekovest holds a 49% stake and the Johor government 51%.
Lim said since the 9MP announcement on the south Johor development, there had been a flood of foreign investors and established developers wanting a slice of the planned mega projects in the area.
“We are in talks with several world-class developers for some of the projects,” he told StarBiz.
Lim said Limbongan-Ekovest Management, as project manager appointed by the Johor government, would assist in the development of the mega projects. They will be mostly for consulting work related to design and construction.
“We hope to get about 8% to 10% of each project's gross development value for our consultancy work under Phase 1 which is centred mainly in the bay area,” he said.
The project management company welcomed international and established developers to bid for the mega projects, he added.
“We want Danga Bay to be internationally recognised and are prepared to work with the best developers in the world to make the bay a favoured destination for business and leisure.”
Lim said Phase 1 would have over 15 mega projects worth RM5bil to be completed within five to six years.
It will have a financial and commercial hub, hotels, and residential properties comprising apartments, condominiums, villas, water chalets and houses.
Lim said DBSB saw the potential of the bay six years ago and had kick-started much of the initial commercial and retailing developments seen today, which included several residential suites, a hotel and restaurants. It had also cleaned up the waterfront.
“DBSB has shown its commitment to the development of Danga Bay, which is why the Johor government has entrusted us, via Limbongan-Ekovest Management, to assist with future project developments,” he said.
Lim said Danga Bay, spread over 1,850 acres with about 25km of waterfront, was a perfect setting that could be turned into a commercial zone to rival Singapore's development across the Johor Straits and Tebrau Straits, and attract the island's residents to invest in the bay.
“Currently, we are looking at property projects valued at RM400 per sq ft in Danga Bay, which is still very cheap compared with property projects in Singapore,” said Lim, noting that property developments in Sentosa Island were now valued at S$1,007 per sq ft.
Lim said it could take a further 10 to 15 years to develop subsequent phases in the outer bay.
“The future development of these areas hinges on their potential commercial viability and investor interest,” he said.
On Ekovest's interest, Lim said besides projects in Johor, the infrastructure company had bid for projects in east and west Malaysia as well. However, he declined to elaborate.
On talk that other mega projects like the YTL group's proposal for a RM5bil bullet train project linking Kuala Lumpur and Singapore could further fuel the prospects of Danga Bay, Lim said: “It would be good for Johor and we hope it happens.”
As widely expected, GAMUDA announced it has secured the RM640 Bahrain bridge project a couple of days ago. With this, it looks like GAMUDA would be in for re-rating soon with projected earnings FY07 would be much higher that the current weak FY06.
Now, what is next ? The finalisation of the NT1Laos power project.
All I can say is interest will pick up soon on GAMUDA with more news trickling in....
Revival of Double tracking ?? Anyone guess?
State Transfer ???
More potential Middle EAst projects ?? Gamuda has already bidded close to RM5billion worth of jobs ???
What say u ??
dycarr wrote: Personally, I think it is quite obvious the government's focus in on small to medium sized projects. Yesterday with the announcement of the projects, we can see that bulk of funds are into the building of schools, roads, etc mostly for the rural areas. Not hint of any mega projects like the super duper train from KL to Singapore, Penang monorail and the Pahang Selangor Interstate water transfer.
However, being involved in the local consutrction sector, I tend to like GAMUDA. Its current price has been bashed down due to poor earnings (after more than 8 years of continous growth). No mega projects means no meat for this construction giant but I believe the management is very optimistic this year and if you follow the management's guidance, they will secure at least a couple sizeable jobs this year. My guess would be the RM600million road project in the middle east which GAMUDA is the lowest bid, the finalisation of agreement of the RM3 billion LAOS NT1 etc.
The current price reflects the weak financial results this financial year but I believe GAMUDA would be able to resume its growth from next year onwards. Lets wait and see.
Hi,
Hope you do not mind but I have merged your topic with the existing topic.
