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150312 Gamuda Pdf.Indd Gamuda Berhad (29579-T) • Annual Report 2008 1. The intersection point of SMART between the motorway tunnel (left) and stormwater tunnel (right). 2. SMART Senior Management operations team discussing traffic operations at the Motorway Control Centre. (From left) Mr Mok Wan Seng, En Wan Azhar Wan Yeop, En Mohd Fuad Kamal Ariffin and En Ahmad Razlan Amir Hamzah. 3. SPLASH personnel on a routine inspection of raw water pumps at the Selangor river intake. Gamuda Berhad (29579-T) • Annual Report 2008 Water Supply Power SPLASH continues to play a leading role in the supply of The Nam Theun I power concessionaire in Laos is hopeful water to Selangor, being the concessionaire for the Sungai of securing a more favourable tariff rate once the ongoing Selangor Phase 1 and Phase 3 treatment plants. These tariff renegotiations are completed by year end. Tariff treatment plants, which have a combined treatment renegotiations with Electricity Generating Authority of capacity of 2,000 million litres per day, supplies to more Thailand (EGAT) recommenced following the expiry of the than 2 million consumers and commercial users. Tariff MOU in June this year. Upon finalising a revised tariff agreement, the terms of the Power Purchase Agreement The state of Selangor is working towards consolidating its and the Concession Agreement will be finalised. water industry by planning to acquire all privatized water assets from various private owners. Negotiations are presently ongoing with the Selangor State Government with respect to the possible disposal of our interests in SPLASH as well as Gamuda Water. • Negotiations ongoing for possible disposal of SPLASH Gamuda Berhad (29579-T) • Annual Report 2008 Unified by one passion This spirit of being one, of pulling together while focusing on the vision is the impetus that makes us work together to push the envelope, go one better and deliver. Unity provides the unwavering passion and commitment that continues to set the momentum for us to reach new heights, open up new horizons and seek out new challenges. Gamuda Berhad (29579-T) • Annual Report 2008 Gamuda Berhad (29579-T) • Annual Report 2008 Property Development In delivering creations that play a part in enriching lives, we are continuously setting the trend for a new age in quality lifestyles for the community. With unwavering passion, we are united to continue achieving even more through the collective effort of our team by combining ideas effectively and meeting the demanding contemporary lifestyle that has been highly sought after in the market. Gamuda Berhad (29579-T) • Annual Report 2008 Senior management team at Jade Hills. Gamuda Berhad (29579-T) • Annual Report 2008 Property Development This division performed strongly during the year despite a generally weaker property market and higher inflation. Sales topped RM473 million, improving more than 25% over the previous year. The improved sales were underpinned by our key projects at Horizon Hills, Valencia and Kota Kemuning. The division’s profitability also rose in tandem, accounting for about 32% of overall group pretax profits. Despite the challenges ahead, the division targets to further improve its group sales in the coming year. This will be achieved by a combination of new projects coming on-stream as well as tapping on the resilient demand of some of our more matured developments. Our integrated mixed development in Hanoi is also expected to contribute positively to sales in the coming year as well as several years into the future. 1. 80 per cent of houses of the Gateway in Horizon Hills have been completed to meet the overwhelming demand of Johor’s property market. 2. Front view of the Ernesto Bedmar signature clubhouse and Horizon Hills golf course. 3. Horizon Hills golf course features a clever play of greens, lakes, hills and is nestled between houses. 4. Jade Hills senior management team, Mr Lim Swee Leong, Mr Choong Chee Yoong and Mr Sim Chai Chai, inspecting project plans at site. Horizon Hills, Johor 5. Bird’s eye view of the Jade Hills clubhouse and its surrounding landscaping. To date, foreign purchasers account for the majority of sales. The 6. Jade Hills Marketing & Sales team attending to development’s strategic location within the Iskandar Development customers at the sales gallery. Region, coupled with its well-planned layout with a golf course and 7. Botanic Resort Club, Klang’s first 5-star resort club. club facilities, individually gated and secured precincts, are all key attractions to potential purchasers. The golf course and club house were officially opened in July this year to glowing reviews. The Ross Watson-designed golf course obtained excellent appraisals from both the golf media and prominent members of the golf fraternity. Membership to the highly rated Horizon Hills Golf and Country Club is exclusive to selected property purchasers only. Covering 1,200 acres, Horizon Hills has a remaining Gross Development Value of RM2.4 billion over a 10-year period. Gamuda Berhad (29579-T) • Annual Report 2008 Bandar Botanic, Klang This township with its botanical gardens concept is considered one of the premium developments in Klang. Bungalows, semi-detached and link homes launched during the year continue to be well received and taken up quickly. The expected completion of a dedicated interchange from the Shah Alam Expressway in 2009 will greatly enhance accessibility for the township’s residents. Bandar Botanic has a remaining Gross Development Value of RM1.6 billion over the next 8 years. Valencia, Sungei Buloh This exclusive up-market development continues to attract a high level of new expatriate residents to augment the sizeable expatriate community already Jade Hills, Kajang residing within the township. Its matured status, coupled with its residents’-only golf course and club This 366-acre freehold development is expected to be well house and premium gated infrastructure makes this sought after when it is officially launched in the next few development highly sought-after. Recent launches months. To date, there is strong indicative demand from both include semi-detached homes and urban villas which foreign and local buyers. have received good take-up rates. Jade Hills is inspired by the splendour of the four seasons, Valencia has a remaining Gross Development Value offering homes with avant-garde designs characterised by of RM300 million over the next 2 years. Oriental elegance. The seven lakes, natural streams and forest parkland as well communal spaces will complement the resort club for residents. Jade Hills has a Gross Development Value of RM1.4 billion over the next 10 years. • Six Malaysian projects ongoing Gamuda Berhad (29579-T) • Annual Report 2008 Kota Kemuning, Shah Alam This mature township is a significant landmark in Shah Alam and is the standard bearer and price-leader for developments in the vicinity. Its award-winning Kota Permai Golf and Country Club successfully staged the prestigious and recently-concluded Malaysian Open Golf tournament. Sales of bungalows, semi-detached and link homes were all taken up within a short period of time. The development achieved total sales higher than the previous year. Kota Kemuning has a remaining Gross Development Value of RM400 million over the next 3 years. 1. All matured. Kota Kemuning is today’s standard bearer for Yen So Park, Hanoi property developments in Shah Alam. The division’s maiden project in Vietnam secured its Investment Certificate in December 2. Artist impression of Yen So Park, last year. Infrastructure works are ongoing and the project is expected to generate its Hanoi in Vietnam that will feature initial sales in the current financial year. a mixed development of parks, lakes, Grade ‘A’ office space, 4 and 5-star hotels and a convention The project involves the redevelopment and transformation of an existing park into an centre. international-class thematic park surrounded with integrated commercial and residential developments. Commercial components of the development include Grade ‘A’ office space, 4 and 5-star hotels, convention centre and shop offices. Yen So Park has an estimated Gross Development Value of RM8 billion over a 10-year period. Madge Mansions, Kuala Lumpur Centrally located in the vicinity of the iconic Petronas Twin Towers, this premium 2-acre boutique development will only offer 50 exclusive low-rise condominium units. The project is targeted for launch by the end of 2008. Madge Mansions has a Gross Development Value of RM240 million over a 3-year period. • Hanoi development progressing on track Gamuda Berhad (29579-T) • Annual Report 2008 Prospects for 2008/2009 The group is expected to face a more challenging environment in the coming year. An uncertain global outlook, coupled with a slower economy and political uncertainties domestically, will pose challenges for all our core businesses. On the overseas front, adverse economic conditions in Vietnam will have to be overcome whilst cost pressures remain in the Gulf States markets. Despite these challenges, due to the group’s foresight and consistent strategic focus over the years, we expect a satisfactory performance in the coming year. Our healthy construction order book and strong portfolio of property projects will keep the group busy for the next several years. The many established projects in good locations within our property stable and our strong brand name should support sales. Additionally, the concessions division is expected to continue generating good defensive earnings and provide regular cash-flows,
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