KUALA LUMPUR (May 16): Gamuda Bhd said on Friday it is buying three plots of land measuring 336 acres combined for RM248.7 million near its current project in Selangor.

The expansion at the southern tip of Gamuda Cove will allow the company to develop landed homes and commercial properties with a gross development value of RM2.2 billion, Gamuda said. The proposed acquisition is expected to be done by the second quarter of 2026.

“The new land parcel will introduce a fresh range of residential products tailored to meet the growing demand for quality landed homes set amid a master-planned township, ensuring the continued success of Gamuda Cove,” the company said.

Gamuda Cove is a massive township sprawling across 1,500 acres flanked by Kuala Langat Forest Reserve and Paya Indah Wetlands. By 2026, the project is expected to see more than 5,000 homes delivered to their buyers.

The latest acquisition from Gagasan Ilmu Sdn Bhd, if it goes through, will replenish Gamuda Cove’s future offerings as most of the planned properties have already been launched. The price tag for the land, which still has 74 years remaining in its lease, translates into RM17 per square foot.

“This expansion not only reinforces our commitment to delivering quality homes but also allows us to enhance the overall vibrancy of the township, ensuring it remains a sought-after destination for both residents and investors,” said Chu Wai Lune, who heads Gamuda’s property development arm.

Gamuda Cove is also set to welcome ASAI Gamuda Cove hotel in 2026, a lifestyle hotel developed in collaboration with Dusit International Group.

Shares of Gamuda were down two sen or 0.4% at RM4.59 at Friday’s close, valuing the group at RM26.47 billion. Year-to-date, the stock has fallen 3.2%.