KUALA LUMPUR: Gamuda Bhd's wholly-owned subsidiary, Gamuda (Singapore) Pte Ltd (GSPL), has secured RM3.31 billion of leasehold land in Chencharu Close from the Housing Development Board of Singapore.

In a filing with Bursa Malaysia, Gamuda said details of the development have yet to be finalised.

Nonetheless, the preliminary proposed development envisaged by the group comprises up to 875 residential units and a maximum of 135,625.27 square feet of commercial space.

"The land earmarked for a private condominium, retail, bus interchange, and hawker centre development will allow Gamuda to further strengthen its international presence in Singapore.

"Given the strong underlying demand and capped construction costs, the development is viewed as a relatively lower-risk avenue to advance these strategies," it added.

The project is expected to be completed within 84 months from the date of acceptance of the tender.

The tender was initially submitted jointly by GSPL, Evia MCS Pte Ltd (Evia) and H108 Pte Ltd (H108), but the land parcel under the tender will be acquired via Polaris Times Square Residences Pte Ltd and Times Square Mall Pte Ltd (JV Companies).

The acquisition is anticipated to contribute positively to the group’s future earnings and, in turn, enhance shareholder value over the medium to long term, said Gamuda.

Barring any unforeseen circumstances, the acquisition is expected to be completed by the fourth quarter of calendar year 2025. - Bernama