- According
to a report by Bernama, the MRT Corp one-stop procurement committee has awarded
two viaduct packages for the Sg.Buloh-Kajang MRT project, as expected. Both projects
are estimated to be worth a combined RM1.6bil.
- Package
v2 – involving the stretch from the proposed Kota Damansara station to the proposed
Dataran Sunway station – has been awarded
to Gadang. The contact is worth RM863mil, and had attracted bids from
all 12 pre-qualified tenderers. As for Package v3 (Dataran Sunway-Section 17),
Mudajaya won the bidding among 11 contractors for the job worth RM816mil.
- With
these latest awards, seven out of the eight viaduct packages have been awarded.
The remaining viaduct package is under the bumi package – Package v8: Taman
Mesra-Kajang – is currently under the tendering stage.
- With the
award of Packages v2 & v3, we estimate that the total value of contracts
awarded under the SBK MRT line would have reached close to RM16bil or roughly
77% of the initial cost estimate of RM20bil. We estimate that another 21
tenders are at the tendering stage while the remaining 31 packages have yet to
be called.
- For the
balance of the major packages remaining, our channel checks indicate that
package v8 and half of the eight elevated station packages would be awarded by
August. This would subsequently be followed by the remaining four station
packages in October. Another major job still up for grabs is the Kajang Depot
under the open category.
- Importantly,
both lines would be implemented together – where major city centre works which
are largely underground would be completed in one go rather than done on a staggered
basis. This portion of the project would likely take 10km-20km each.
- While
competition for the remaining packages remains intense, we gather that Naim Holdings
would stand a chance in either the Kajang Depot or package v8 under the bumi category.
On the other hand, WCT is in for a shot for the station works under the open category
– having submitted two bids worth a combined RM300mil-RM400mil.
- Further
out, we understand that ~95% of the SBK MRT line contracts would be awarded by year-end.
As for MRT 2 (circle line) and 3 (radial: North-South), feasibility studies are
nearing completion. Based on MRT Corp’s timeline, contracts could be dished out
by end-2013, and targeted for completion within six years – i.e. 2020. But any
firm decision on both lines would only be known after the 13th General Election.
- Likewise,
we also expect investor expectations to slowly gravitate towards the suppliers
of building materials, particularly with the multi-year supply prospects for
cement and steel. We would advocate Ann Joo Resources (steel), Lion Industries
(steel), Lafarge Malayan Cement (cement), IJM Corp (via ICP: concrete-based
products) and KimLun Corp (tunnel lining, segmental box girdles).
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