I don't think now is a good time for tender the project, u don't know whether u can cover the cost or not, unless client willing to fork more if unexpected cost arise.
Beware ! The problem persisted for some time until GDB was forced to stop work. It might needs more time to solve the cashflow problems due to the scale of the project. The property market is relatively weak at the moment.
If money pumped from KSK to GDB then can continue. If no money, how to continue? KSK Land supports it to continue also useless if no cash. CASH IS KING.
The Board of Directors anticipate a challenging outlook for the financial year ending 2022 due to prolonged labour shortages issues, higher construction costs from material prices and labour costs as well as higher preliminaries costs due to prolongation of construction period which exerted pressure on the Group’s profitability for on-going projects. Besides that, the persistently high construction costs may lead to property developers deferring new launches, hence affecting our pipeline of project tenders as well as our new contract wins moving forward. The Group will remain vigilant by undertaking necessary prudent measures to mitigate the adverse impacts of rising construction costs, thus ensuring stability of its finances and business operations. In addition, proper SOPs have been put in place to ensure smooth progress and to avoid interruptions of construction activities. Barring unforeseen circumstances, the Group is cautious of its performance for the financial year ending 31 December 2022.
8 Conlay. According to New Straits Times, KSK Land recently mentioned that the 8 Conlay project is on track and remains committed to delivering on its obligations. This comes after some news outlets (e.g. Nanyang, SinChew, etc.) reported that GDB has suspended works on the project, quoting a deleted article published previously by The Edge. In the meantime, GDB has not commented on the matter, perhaps due to client confidentiality reasons. Based on our estimation, the project forms ~75% of GDB’s unbilled orderbook with receivables plus contract assets of ~RM100m.
What a smart and professional management even client issue the company still can make a profits in this qr ..... if not 4sure this qr have a great result !
如果你有在吉隆坡买8 Conlay kuala lumpur房子的,这侧新闻你可能要留意了! 8 Conlay 主要承包商发给分包商的信函,说根据合同的相关条款,叫他们暂停执行分包工程。 根据The Edge Markets报道,主承包商已经正式停工的消息但拒绝进一步置评。
News from The Edge Markets on 18/8/2022 where this article is no longer available in their webpage. A spokesperson for GDBSB confirmed the suspension of works at 8 Conlay project when contacted by The Edge on Thursday (Aug 18), but declined to comment further
The project forms ~75% of GDB’s unbilled orderbook with receivables plus contract assets of ~RM100m. Any impairment will have very serious effect.
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Posted by Insider Forecast > 2022-06-23 10:49 | Report Abuse
New project coming in, wait for announcement later