​Gamuda Prospects

The Group anticipates that this year’s (2024) performance will be largely driven by overseas construction activities as projects in Australia, Taiwan and Singapore continue to pick up pace, full year contribution of the newly acquired Australian transport projects business of Downer Transports Projects (acquisition completed in June 2023), construction of several data centres and property sales including higher contribution from newly launched quick-turnaround projects (QTP) of the property division. Moving forward, the resilience of the Group is underpinned by a large construction orderbook of RM24 billion and unbilled property sales of RM6.7 billion. On top of that, the Group has a healthy balance sheet with a comfortable net gearing of 35%, well below its self-imposed gearing limit of 70%.

New Awards in FY2024:

(A) 6 months ended January 2024:

(i) October 2023 (Taiwan)

Kaohsiung MRT Metropolitan (Yellow Line) Civil Engineering Package YC01 (RM3.3 billion)

(ii) December 2023 (Singapore)

West Coast Stations and Tunnels, MRT Cross Island Line (Phase 2) (RM1.7 billion)

(B) This quarter ended April 2024:

(i) May 2024 (Malaysia)

H(yperscale Data Centre in Elmina Business Park 1A (RM1.7 billion)

(ii) June 2024 (Malaysia)

AIMS Data Centre Phase 3 & 4 (RM0.3 billion)

(aa) On 24 May 2024, Gamuda Engineering Sdn Bhd (“GESB”), a wholly owned subsidiary of Gamuda Berhad has secured contracts worth a combined value of RM1.74 billion to build a hyperscale data centre at Sime Darby Property Bhd’s Elmina Business Park.

(bb) Following the first Data Centre (“DC”) project from AIMS at Cyberjaya Block 2, which has been successfully completed in 8 months, ahead of the 13 months construction scheduled completion, has enabled Gamuda to win the consecutive order to develop Phase 3 & 4. Next Gen Digital IBS brings win-win value for Gamuda and its clients to deliver efficient and sustainable solutions in data centre infrastructure. Gamuda is in talk with DC players as investors recognized the value of Gamuda IBS technology expediting the construction progress while ensuring quality result.

GAMUDA ENGINEERING

(i) Penang Transport Master Plan

On 6 March 2023, the Project Development Agreement was executed between Penang State Government (“PSG”) and the Project Developer namely, Silicon Island Development Sdn Bhd (“SID”), in relation to the Project Development of Island A (“Silicon Island”) through the deployment of private sector capital without any recourse to PSG. The key terms of the Project Development Agreement are:

• PIC PD Sdn Bhd (“PIC”), wholly owned by PSG, holds a 30% stake in the Project Developer. SRS PD Sdn Bhd (“SRS PD”), a wholly owned subsidiary of Gamuda, and is the incorporated entity nominated by SRS Consortium Sdn Bhd, holds the remaining 70%.

• Gamuda through SRS PD funds the equity capital and borrowings including underwriting all borrowings required for the project with no recourse to PSG/PIC.

• Project Developer has the sole, exclusive and full right to commence, manage, carry out and complete the Project Development of Island A in compliance of the law including the following components: a) the Project Development Master Planning including securing planning approvals and other approvals for the Common Infrastructure (including smart city features), investor marketing and land disposal of the reclaimed lands; and b) the design, construction and completion of Island A measuring 2,300 acres, Common Infrastructure (including smart city features) and Highway PIL2A (“TC Works”) to be awarded to SRS TC Sdn Bhd (“Turnkey Contractor”), a wholly owned subsidiary of Gamuda.

On 22 June 2023, SID awarded the Phase 1 reclamation works (measuring approximately 1,260 acres) with a contract sum of RM3.72 billion being the first part of the TC Works to Turnkey Contractor. The Turnkey Contractor has simultaneously onward award Phase 1 Reclamation Works to Gamuda Engineering Sdn Bhd, with a contract sum of RM3.50 billion. EIA Approval for PSI Reclamation works was issued by DOE on 11 April 2023. Subsequently the EMP Approval was issued by DOE Penang on 21st July 2023. Reclamation works has commenced in September 2023. Overall cumulative progress at the end of April 2024 was on track at 5%.

The PM of Malaysia on 6th May 2023 announced that the Federal Govt will fund the Penang LRT. On 29th April 2024, GOM further announced that SRS Consortium Sdn Bhd shall be offered the Civils Works Contract for Segment 1 of the Penang LRT. This will be carried out via a single source request for proposal mechanism. Construction works for Segment 1 of Penang LRT is expected to start in 2024 with completion in 6 year time.

(ii) Selangor’s Sg. Rasau Water Supply Scheme (Stage 1) Package 1:

Design and Build of Proposed Rasau Intake, Raw Water Pumping Mains, Water Treatment Plant and Associated Works On 1 July 2022, Gamuda Berhad was awarded the abovementioned project valued at RM1.968 billion to improve the water supply reserve margin in Selangor. The project has commenced on 15 July 2022 and the new completion date will be on 14 Dec 2025 following a further extension of 167 days granted by Air Selangor. Overall, the cumulative progress at April 2024 was on track at 20.50%.

(iii) Sarawak Pan Borneo Highway – WPC04 (Pantu Junction to Btg Skrang)

Naim Gamuda (NAGA) JV Sdn Bhd is the contractor for the Pan Borneo Sarawak package WPC04. The scope includes the widening and upgrading of the existing 89.30km long, 2-lane single carriageway road from Pantu Junction to Batang Skrang to a 4-lane dual carriageway of JKR R5 standard. The entire work of the project was completed in April 2024. Seri Aman section has been completed in October 2023 following the issuance of certificate of practical completion (CPC) from JKR Sarawak. For Bukit Begunan section, currently awaiting CPC issuance from JKR Sarawak.

Batang Lupar Bridge at Sri Aman Town

Naim Gamuda (NAGA) JV Sdn Bhd accepted the award of the Second Trunk Road (Package B3) Proposed Batang Lupar Bridge No 2 at Sri Aman Town project valued at RM224 million on 24 February 2020. As of January 2024, the foundation of the bridge has been fully completed and tower column construction in progress with Tower 1 and Tower 2 registering a completion of 97% and 46%. Meantime, bridge deck slab at Tower 1 has completed 15%. Overall cumulative progress at the end of April 2024 was on track at 45%.

(iv) Sabah - Upper Padas Hydroelectric Power

Plant A Joint Venture Agreement has been entered on 30 October 2023 between Gamuda Berhad (45%), Sabah Energy Corporation Sdn Bhd (40%) and Kerjaya Kagum Hitech JV Sdn Bhd (15%) to undertake a private finance initiative to develop the Upper Padas Hydroelectric Power Plant, a hydroelectric dam in Tenom, Sabah, with planned maximum generating capacity of 187.5MW (“the Project”). The Project is estimated to have a construction period of 5 years and an initial operating period of 40 years. A Power Purchase Agreement is to be finalised and entered with the offtaker, Sabah Electricity Sdn Bhd, a subsidiary company of Tenaga National Berhad.

(v) Taiwan (Marine Bridge Project)

The Group’s 70%-owned joint venture with a Taiwanese company is constructing a 1.23 km marine bridge worth NTD3,955 million (equivalent to RM522 million) for CPC Corporation Taiwan, a state-owned petroleum company; the works expected to compete by 19 May 2024 with Extension of time (EOT) granted by client due to inclement weather. To date, main structure of the bridge has been completed. Further EOT application up to October is in progress to facilitate the interfacing works with adjacent work contractor. The overall cumulative progress as at end April 2024 was on track at 96% and eventually was completed in June 2024.

Extension of Marine Bridge

Gamuda’s 70%-owned joint venture with Dong-Pi Construction Co. Ltd, has in April 2022 won the tender worth NTD2,038 million (equivalent to RM301.5 million) from CPC Corporation Taiwan, for work to extend the current marine bridge for another 376 meters. The construction work was fully completed in March 2024. The Certificate of Practical Completion (CPC) is in progress of assessment with client and is awaiting approval.

Seawall for Reclamation Project

Gamuda’s 70%-owned joint venture with a Taiwanese company has in December 2019 won the tender to construct 4,014 meters of seawall structure with contract price of NTD6,817 million (RM932 million) for Taiwan International Ports Corporation, a state-owned port operation company. Completion is targeted in Aug 2025. Parapet wall construction is in progress. The EOT application has been approved by client until 28 September 2025. Overall cumulative progress as at end April 2024 was on track at 77%.

Taiwan - 161kV Songshu to Guangfeng Underground Transmission Line

Gamuda’s 50%-owned joint venture with a Taiwanese company has in August 2021 won the tender to construct a 161kV underground transmission line and auxiliary electrical & mechanical system with a contract price of NTD3,087 million for Taiwan Power Company, a state-owned electric power industry enterprise in Taiwan. Completion is targeted in September 2025 with EOT application has been approved by client until 26 September 2025. 1 st TBM has launched and excavated 52m to date. Concurrently, the assembly of the 2nd TBM is ongoing at the launching shaft and the overall cumulative progress as at end of April 2024 was on track at 26%.

Taoyuan City Underground Railway Project, Package CJ18 PingZhen Commuter Station

On 25 October 2022, Gamuda Berhad Taiwan Branch and Asia World Engineering & Construction Co. (“AWEC”), a Taiwan Company were awarded the abovementioned project valued at RM2.13 billion (TWD 14,500 billion). The project, which has a duration of 96 months, undertaken by an unincorporated 60:40 joint venture comprising Gamuda and AWEC respectively. The project includes the construction of a 3.734 km underground twin bound railway track with an underground commuter station at PingZhen which is located beneath the existing train station. The project commenced on November 2022 and is to be completed by November 2030. Site preparation and construction of D-wall construction is in progress with the overall programme on schedule with cumulative progress as at end of April 2024 of 2.2%.

Kaohsiung Mass Rapid Transit (MRT) Metropolitan Yellow Line Civil Engineering, Package YC01

On 25 October 2023, Gamuda Berhad secured its sixth infrastructure project in Taiwan, the Kaohsiung Mass Rapid Transit (MRT) Metropolitan Yellow Line Civil Engineering, Package YC01, valued at RM3.45 billion (NTD23.4 billion). The project, awarded by the Mass Rapid Transit Bureau of the Taiwan Kaohsiung City Government, involves an 88:12 joint venture with Asia World Engineering & Construction Co. (AWEC), where Gamuda's share is RM3.03 billion. Gamuda's involvement in Package YC01 marks its third railway project in Taiwan. The completion of the package is projected to take nine years, encompassing the following scope of works:

• 4.4km alignment located within Niaosong District of which 3.5km comprises underground twin bored tunnels and 0.9km of elevated tracks

• Four stations (three underground and one above ground) • Two crossovers and cross passages Project officially commenced on 15 February 2024 following by client approval. Project delivery is on schedule, with all design works progress well as per schedule.

(v) Taiwan (Marine Bridge Project)

The Group’s 70%-owned joint venture with a Taiwanese company is constructing a 1.23 km marine bridge worth NTD3,955 million (equivalent to RM522 million) for CPC Corporation Taiwan, a state-owned petroleum company; the works expected to compete by 19 May 2024 with Extension of time (EOT) granted by client due to inclement weather. To date, main structure of the bridge has been completed. Further EOT application up to October is in progress to facilitate the interfacing works with adjacent work contractor. The overall cumulative progress as at end April 2024 was on track at 96% and eventually was completed in June 2024. Extension of Marine Bridge Gamuda’s 70%-owned joint venture with Dong-Pi Construction Co. Ltd, has in April 2022 won the tender worth NTD2,038 million (equivalent to RM301.5 million) from CPC Corporation Taiwan, for work to extend the current marine bridge for another 376 meters. The construction work was fully completed in March 2024. The Certificate of Practical Completion (CPC) is in progress of assessment with client and is awaiting approval.

Seawall for Reclamation Project

Gamuda’s 70%-owned joint venture with a Taiwanese company has in December 2019 won the tender to construct 4,014 meters of seawall structure with contract price of NTD6,817 million (RM932 million) for Taiwan International Ports Corporation, a state-owned port operation company. Completion is targeted in Aug 2025. Parapet wall construction is in progress. The EOT application has been approved by client until 28 September 2025. Overall cumulative progress as at end April 2024 was on track at 77%.

Taiwan - 161kV Songshu to Guangfeng Underground Transmission Line

Gamuda’s 50%-owned joint venture with a Taiwanese company has in August 2021 won the tender to construct a 161kV underground transmission line and auxiliary electrical & mechanical system with a contract price of NTD3,087 million for Taiwan Power Company, a state-owned electric power industry enterprise in Taiwan. Completion is targeted in September 2025 with EOT application has been approved by client until 26 September 2025. 1 st TBM has launched and excavated 52m to date. Concurrently, the assembly of the 2nd TBM is ongoing at the launching shaft and the overall cumulative progress as at end of April 2024 was on track at 26%.

Taoyuan City Underground Railway Project, Package CJ18 PingZhen Commuter Station

 On 25 October 2022, Gamuda Berhad Taiwan Branch and Asia World Engineering & Construction Co. (“AWEC”), a Taiwan Company were awarded the abovementioned project valued at RM2.13 billion (TWD 14,500 billion). The project, which has a duration of 96 months, undertaken by an unincorporated 60:40 joint venture comprising Gamuda and AWEC respectively. The project includes the construction of a 3.734 km underground twin bound railway track with an underground commuter station at PingZhen which is located beneath the existing train station. The project commenced on November 2022 and is to be completed by November 2030. Site preparation and construction of D-wall construction is in progress with the overall programme on schedule with cumulative progress as at end of April 2024 of 2.2%.

Kaohsiung Mass Rapid Transit (MRT) Metropolitan Yellow Line Civil Engineering, Package YC01

On 25 October 2023, Gamuda Berhad secured its sixth infrastructure project in Taiwan, the Kaohsiung Mass Rapid Transit (MRT) Metropolitan Yellow Line Civil Engineering, Package YC01, valued at RM3.45 billion (NTD23.4 billion). The project, awarded by the Mass Rapid Transit Bureau of the Taiwan Kaohsiung City Government, involves an 88:12 joint venture with Asia World Engineering & Construction Co. (AWEC), where Gamuda's share is RM3.03 billion. Gamuda's involvement in Package YC01 marks its third railway project in Taiwan. The completion of the package is projected to take nine years, encompassing the following scope of works:

• 4.4km alignment located within Niaosong District of which 3.5km comprises underground twin bored tunnels and 0.9km of elevated tracks

• Four stations (three underground and one above ground)

• Two crossovers and cross passages Project officially commenced on 15 February 2024 following by client approval. Project delivery is on schedule, with all design works progress well as per schedule.

(vi) Australia (Sydney Metro West – Western Tunnelling Package)

Transport for New South Wales awarded the AUD2.16 billion (RM6.5 billion) design and construct contract for the tunnelling and civil works comprised in the Western Tunnelling Package Project to Gamuda Australia - Laing O’Rourke Consortium on 28 February 2022. Laing O’Rourke Australia Construction Pty Ltd as a delivery partner will provide the project management services for an agreed fee. The scope of project works includes 9 kilometres of twin metro rail tunnel between Westmead and Sydney Olympic Park, excavation and civil works for new metro stations in the Parramatta Central Business District and Westmead Health Precinct, service facility at Rosehill, civil and utility works for the future stabling and maintenance facility at Clyde and connecting tunnels to the main TBM tunnels. Both TBM1 and TBM2 continue to progress and preparations have commenced for their arrival at Sydney Olympic Park, where they will be retrieved. The diaphragm retaining wall structure has been completed at Parramatta and excavation works have now commenced. The dive tunnels are nearing their excavation completion and are transitioning into permanent concrete lining work. The overall cumulative construction progress as at end of April 2024 was on track at 62%.

Coffs Harbour Bypass Project

Gamuda Australia, in a joint venture with Ferrovial Construction (FGJV), was awarded the Coffs Harbour Bypass Project. The New South Wales (NSW) Government has appointed the FGJV to deliver the AUD1.41 billion highway project, which is the largest infrastructure project in Coffs Harbour’s history. Coffs Harbour is located on the NSW North Coast, approximately 550 kilometres north of Sydney. In this 50:50 joint venture with Ferrovial Construction, Gamuda Australia will design and construct a 14-km new and upgraded four-lane highway. The project will boost the regional economy and improve connectivity, road transport efficiency and safety for local and interstate motorists. The contract milestones are on target with overall design nearing completion. Physical construction is progressing well with ongoing bulk earthworks, drainage and bridgeworks in progress along Bypass main alignment. Tunnelling has commenced at Gatelys Road North and South portals. The overall cumulative construction progress as at end of April 2024 was on schedule at 35%.

M1 Motorway Extension to Raymond Terrace: Black Hill to Tomago Package

Gamuda Australia was awarded a major road transport project worth AUD1.03 billion (RM3.03 billion) by the NSW Government to deliver the Black Hill to Tomago Package of works for the M1 Motorway Extension to Raymond Terrace. The design and construct contract will be delivered through a 60 (John Holland) / 40 (Gamuda) joint venture. The design and construct contract is expected to generate RM1.21 billion revenue for the Group. The project is one of the largest infrastructure projects in the Hunter region's history. It’s a game changer for local, regional and long-distance transport, unlocking congested Hunter roads and helping complete a traffic-light-free highway between Sydney and Brisbane. When completed in mid-2028, the M1 Motorway extension will bypass the congestion and merge points along this corridor and reduce traffic volumes across the existing network. Project delivery remains on schedule with design packages submissions at 93%. Physical construction continues to progress well with bulk earthworks achieving critical fill and utilities relocation works remain on program. Commissioning of the first electrical asset commenced in April 2024 and construction of the new watermain is progressing well. Piling activities, including bored and driven methods, have begun on site. Concrete works for the viaduct has also commenced with column and headstock works.

DT Infrastructure (DTI)

On 22 February 2023, DT Infrastructure Pty Ltd (“DTI”), a wholly owned foreign subsidiary in Australia executed an asset sale agreement with Downer EDI Works Pty Ltd and VEC Civil Engineering Pty Ltd (Downer) to acquire the Australian transport projects business of Downer Transport Projects. DT Infrastructure Pty Ltd (“DTI”) provides civil construction services in delivering transport projects for its customers, with specialist rail capability. DTI operates across Australia and primarily generates revenue from government clients, with a smaller share coming from private projects. Its customer base, contacts and geographical exposure are mainly in Queensland, New South Wales, Western Australia and Victoria. Some of the key projects currently carried out by DTI are in relation to rail line upgrades and duplication, rail extension, rail maintenance, service signalling and communication maintenance, and freeway upgrades. In quarter ended 30 April 2024, DTI was selected as a preferred proponent to deliver the Public Transport Authority's High-Capacity Signalling (“HCS”) project in Perth. This is a significant milestone in the ongoing expansion of Perth’s suburban rail network, with HCS set to significantly upgrade signalling and train control systems. When complete, the new system will continuously send real-time train data to Transperth, allowing them to monitor the speed and location of every train on Perth's growing network. In addition, DTI is partnering with Aula Energy - an onshore renewable energy business launched by Macquarie Asset Management in 2023 - to deliver early works for the Boulder Creek Wind Farm in central Queensland. The contract award includes detailed site investigations, design development and other ancillary works in preparation for Stage 1 of the project, which will consist of 38 turbines, have a generating capacity of 228 MW, and power the equivalent of about 114,000 homes with renewable energy.

(vii) Singapore (Gali Batu Multi-Storey Bus Depot)

The Land Transport Authority of Singapore (LTA) awarded the SGD$260 million (RM800 million) contract for the Gali Batu Multi-Storey Bus Depot to Greatearth Corporation-Gamuda Berhad Singapore Branch Joint Venture on 12 November 2019 and was wholly novated to Gamuda Berhad Singapore Branch on 2 December 2021. The project consists of a three-storey administrative building, a five-storey dormitory and a five-storey main depot equipped with parking spaces for 715 buses, refuelling and washing facilities, repair and maintenance facilities with cutting-edge technology to cater for the operation of electric buses. The original contract was set for a duration of 41 months and was extended by 370 days to 15 April 2024 due to productivity losses caused by Covid-19. Following this, additional request for an extension of time (EOT) totalling 285 days due to adverse underground conditions and an instruction by LTA to stop site clearance works, has been formally submitted to the LTA for assessment and is currently awaiting formal approval. The project is currently progressing with the on-site architectural work. As of April 2024, the cumulative overall progress was on track at 74.67% with target revised completion date in December 2024.

Defu Station

Gamuda’s 60%-owned joint venture with a Singaporean company, Wai Fong Construction Pte Ltd, has been awarded by the Land Transport Authority of Singapore in February 2022 to design and construct the Defu station and tunnels with a contract price of SGD467 million (equivalent to RM1.45 billion). The project comprises the construction of an underground station and twin bored tunnels with total length of 2.75 km. The contract duration is 95 months. Project delivery is on schedule, with all design works progress well as per schedule. Diaphragm wall construction, piling works and temporary strutting works and excavation works are ongoing on site. The overall cumulative construction progress as at end of April 2024 was 19.32%. The project is scheduled to be completed in December 2029.

West Coast Stations and Tunnels, MRT Cross Island Line (Phase 2)

On 6th December 2023, Gamuda Berhad Singapore Branch has secured RM1.77 billion design and construction contract of the West Coast Station and Tunnels for MRT Cross Island Line (Phase 2). The contract was awarded by the Singapore Land Transport Authority (LTA) and marks Gamuda’s first independent venture in Singapore without joint venture partners, solidifying the Group’s position as a key player in the city-state's transportation infrastructure development.  The West Coast Station and Tunnels package contract is Gamuda’s second railway and third infrastructure projects in Singapore, all awarded by LTA. The completion of the package is projected to take nine years, encompassing the following scope of works:

• One underground station

• Twin tunnels, at approximately 1.9km

This is a design and construct contract with our design progressing well as per schedule. The site has commenced the enabling work such as hoarding erection, site access road and soil investigation work.

(viii) Gamuda Water

The operations and maintenance of the Sungai Selangor Water Treatment Plant Phase 3 undertaken by Gamuda Water is going on smoothly.

GAMUDA LAND

For the first nine months of this year, the property division achieved sales of RM2.32 billion, a 21% increase compared to RM1.91 billion in the same period last year. This robust performance was primarily driven by strong domestic sales, with key developments such as Gamuda Cove, Gamuda Gardens, twentyfive7, and Horizon Hills collectively contributing slightly over two-thirds of the total sales. Our overseas projects in Vietnam saw a remarkable 45% increase in sales, fuelled by our Quick Turnaround Projects (QTPs), which include Elysian, Eaton Park, and Artisan Park in Ho Chi Minh City. Similarly, we observed an improvement in sales in Australia over the same period, with contributions from The Canopy on Normanby, and Fareham. These achievements underscore our strategic focus on both domestic and international markets, leveraging high-demand projects and favourable economic conditions to drive growth.

(i) Malaysia

On-going projects include:

• Gamuda Cove in Southern Klang Valley

• Gamuda Gardens & Kundang Estates in Sungai Buloh

• twentyfive7 in Kota Kemuning

• Horizon Hills in Iskandar Puteri

At Gamuda Cove, the residential market is performing well. The Camellia, launched in March in the exclusive Wetlands Estates enclave, sold 50% of its units upon launch, while The Waterlily achieved a 70% sales rate. The fully sold-out Maya Bay Residences, handed over to residents in March, highlight the strong demand in the market. Following this, North Woods, the second high-rise residential development, was launched in April 2024, attracting both investors and local buyers, and has also received a positive response. Adding to its appeal, Gamuda Cove's commercial landscape continues to expand. In April 2024, Big Apple Kindergarten welcomed its first students. May 2024 saw the opening of Technoriant's Hospitality TVET Hub training centre and Kenangan Coffee, joining the existing Starbucks drive-through, Muiz Chicken, and RUD Cafe to enhance the diverse F&B offerings.

Looking ahead, Gamuda Cove is set to welcome new tenants such as Long John Silver’s in July 2024. These additions, along with the anticipated opening of the ASAI Gamuda Cove hotel in 2026, will further enhance the township's vibrancy and appeal. The population of Gamuda Gardens continues to rise as residents move into the completed residential parcels of Joya, Jovita, and GAIA Residences, now reaching approximately 5,000. The community's vibrancy is further enhanced by the announcement of a dynamic array of retail partners in its commercial development, Gardens Square – which is scheduled for a year end Vacant Possession. Notable tenants include Star Grocer, ZUS Coffee, Tealive, ChaTraMue, Long John Silver’s, Bask Bear, 7 Café, Shae.co, Salad Atelier, and Happy Potato, each contribute unique offerings and expertise significantly elevating the community's lifestyle.

The addition of these retail components enriches the offerings that are currently available in Rawang town, and complements the already fully-tenanted, park-fronting Waterfront Village, GAIA Boulevard, and the family-themed destination, Gamuda Luge Gardens. The successful integration of commercial and residential elements has driven strong sales for Valeria, achieving a 60% overall take-up rate within a year. Notably, the semi-detached units at Monarc have seen an impressive 80% take-up rate. These developments underscore the robustness of the retail sector, setting the stage for the successful completion of Gardens Square and making it an attractive township in the northern Klang Valley corridor to reside in. At twentyfive7, leveraging the established and vibrant Quayside Mall, which attracts 600,000 visitors monthly, has been integral. The recent unveiling of Luxura's Courtyard Designer Link Villas and Levane's show unit has provided potential buyers with an immersive experience, resulting in a significant uptick in sales. Luxura boasts an impressive 72% take-up rate, while Levane has achieved a commendable 70%. These milestones underscore the strong market demand and the success of twentyfive7’s strategic planning and execution. The commercial components of the township are also thriving. Quayside Mall boasts an occupancy rate of 93%, Quayside Tower is at 90%, and Buzz.ar operates at full capacity. The newly launched Quay District has shown positive results, with Quayside Square achieving an 80% take-up within just three months of its launch, while Quayside Plaza's retail segment stands at 70%. The introduction of Toyota’s first 3S Service Centre at Quayside Mall further enhances the township's convenience appeal. In the education sector, The Good International School, Q-dees, and Kiddypedia have announced openings starting from June onwards. These developments align perfectly with twentyfive7’s masterplan of fostering a vibrant, diverse, and sustainable community. Horizon Hills, strategically positioned within Iskandar Puteri, has surpassed its full-year target by the third quarter, propelled by a notable improvement in the Johor property market and strong foreign demand, primarily from Singaporean nationals and permanent residents. This surge is driven by the historic peak of Singapore property prices, as evidenced by the success of Kingswood's launch in January, where all non-bumi lots were fully sold. The upcoming launch of Montcourt is also witnessing strong booking rates ahead of its scheduled launch in the fourth quarter. Moreover, the highly anticipated Horizon Mall, currently under construction, is attracting numerous brands eager to establish their outlets, further enhancing the township's appeal.

(ii) Overseas

In Vietnam, the Gross Domestic Product (GDP) has surged to its highest growth in the last five years and is projected to maintain as the highest ranked among ASEAN nations for the next three years. Notably, the 'Industry and Construction' sector dominates the GDP landscape. Meanwhile, the real estate sector continues to be a significant magnet for Foreign Direct Investment (FDI), comprising approximately 26% of total registered FDI. Consequently, new residential supplies in Vietnam have recorded a remarkable absorption rate of at least 80%. Our strategic focus on high-demand projects, buoyed by favourable economic policies and a promising outlook position us well in capitalising on Vietnam's dynamic real estate market. This is exemplified by the successful launch of Quick Turnaround Projects (QTPs), highlighting our adeptness at seizing market opportunities.

(ii) Eaton Park, a mixed-use development strategically nestled in District 2 of Ho Chi Minh City near the city centre, witnessed an overwhelming response during its launch – saw its first two towers fully taken up. Similarly, Elysian in Thu Duc, comprising 1,300 apartment units, boasted an impressive take-up rate of 90% for its first two towers. The Meadows set to launch this May with a GDV of USD82 million is a low-rise residential development in Binh Chanh District, the Western corridor of HCMC. This upcoming launch is poised to meet the growing demand for premium real estate in this vibrant district and is expected to quench the thirst for landed products given the scarcity of housing supply in HCMC. It will encompass 212 townhouses and villas spread across more than 5-hectare land site. Taking advantage of the emerging opportunities in Vietnam's dynamic real estate market, we are scheduled to launch Springville in the upcoming FY25. This 18.2 hectare mixed-use township, featuring both residential and commercial developments, is strategically situated within the growth area of Nhon Trach District, Dong Nai Province. It is conveniently located just 35 km east of Ho Chi Minh City CBD and only 13 km from the upcoming Long Thanh International Airport, set to be completed in 2025. Springville boasts a GDV of USD 393 million. In the UK, Savills UK's April 2024 Housing Market Update, shows that the residential market is stabilising without significant expected increases in pricing or transaction volumes. As such, West Hampstead Central has shown remarkable performance with an impressive take-up rate of 90%. The project remains on schedule for a Vacant Possession in July 2024. In the office market, transaction volumes in London have seen a notable recovery, with April 2024 volumes 56% higher than in March 2024. This aligns with our strategy to invest in the commercial real estate market with the acquisition of 75 London Wall, which was earlier referred to as Winchester House, situated in the heart of the City of London.

In May 2024, 75 London Wall achieved a major milestone by obtaining full planning approvals for the development and signing the Pre-Construction Services Agreement (PCSA). This development milestone not only underscores our commitment to proactive asset management but also positions us to capitalise on the strengthening office market in London. We anticipate improved valuations as borrowing costs stabilise, positioning 75 London Wall as a key asset in our portfolio. For the Australian market, the Reserve Bank of Australia raised the cash rate target by 425 basis points between May 2022 and December 2023, adversely impacting borrowing capacities and dampening overall market sentiment. Efforts to mitigate these effects includes refocusing efforts to target buyers less affected by interest rates, including local investors and downsizers. Additionally, a mortgage repayment assistance promotion has been introduced to reduce the barriers to purchase. The Canopy on Norman by which is currently under construction is seeing healthy interest from the overseas markets (i.e. Vietnam and Greater China), with the current rate of take-up sitting at 53%, while a quarter of units at Fareham is taken up.