GAGASAN Nadi Cergas Bhd has secured a construction contract worth RM195.2 million from a subsidiary of Paramount Corp Bhd (Paramount Group).

Nadi Cergas Sdn Bhd, a wholly owned subsidiary of Gagasan Nadi, has received a letter of award (LoA) from Paramount Property (Sepang) Sdn Bhd to undertake the turnkey contract of designing and developing 1,076 high rise residential units in Greenwood Salak Perdana, Selangor.

Construction works will commence in the fourth quarter of 2022 and it is expected to take 48 months to complete, the company said in a statement yesterday.

The LoA comes as a confirmation of the previous letter of intent awarded by Paramount Group on May 24, 2021.

“This LoA bodes well with our commitment to provide affordable accommodation to the rakyat and support the government in reducing the overall housing shortage gap nationwide.

“Heading into the new year, we will continue to tender for similar projects from both public sector and private developers, while also focus on delivering more than 10,000 units of affordable houses within our outstanding orderbook,” group MD Wan Azman Wan Kamal said.

Under the group’s projects on hand, Gagasan Nadi is slated to deliver more than 10,000 units of affordable homes in the next six years, supporting notable property developers such as Paramount Group and Kwasa Land Sdn Bhd.

Gagasan Nadi has a current outstanding orderbook of RM2.5 billion, including the mosque construction project at Merdeka 118, Kuala Lumpur; various affordable housing projects within Klang Valley; the MRSM full-facility campus in Dungun, Perak; Cardiology Centre in Serdang Hospital, Selangor; and Putrajaya Homes’ public residential development in Putrajaya.

The company is primarily involved in four business segments, namely building construction, provision of facilities management services, operations of district cooling systems for the supply of chilled water and electricity distribution, and property development.

Among notable projects completed by the group include the German-Malaysian Institute, the Malaysia Institute of Aviation Technology, 4th Battalion Camp for the General Operations Force and seven student hostels in polytechnic campuses across six peninsular states.

Gagasan Nadi has also participated in undertaking housing initiative programmes such as Rumah Selangorku, Federal Land Development Authority housing and Housing for Civil Servants.

Gagasan Nadi currently holds two 20-year student hostel concession projects, namely International Islamic University Malaysia in Kuantan, Pahang, and Universiti Teknikal Malaysia Melaka in Durian Tunggal, Melaka, until 2034 and 2037, respectively.

It also operates a district cooling system for the supply of chilled water for the German-Malaysian Institute in Selangor until 2028.

In property development, the group is currently undertaking the mixed development of the Asean Football Federation headquarters and serviced apartments in Putrajaya.

Recently received the 5-Star SCORE Award from Construction Industry Development Board (CIDB) for exemplary performance in the construction industry, the group is registered with Pusat Khidmat Kontraktor and CIDB as a Grade G7 contractor.

The grade allows Gagasan Nadi to tender for projects with unlimited value as well as Bumiputera allocated projects.