Boston, MA -- (SBWIRE) -- 08/16/2012 -- BMI View: The recovery in Malaysia's construction sector has continued unabated, with real growth estimated to have reached 4.6% in 2011. We believe that construction activity will remaining relatively strong in 2012, at 6.2%, due to the country's success with raising private financing through Islamic finance and the successful completion of key milestones in major infrastructure projects. However, headwinds from a weakening global economy could present downside risks to project financing and dampen the demand for residential and non-residential buildings.
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Key developments that will impact growth include:
- In March 2012, Malaysia's Energy Commission (EC) shortlisted nine consortia and sole bidders in a tender for the Prai combined-cycle gas turbine (CCGT) power project. The EC stated that the selected bidders to be required to sign an integrity agreement. The tender is expected to be for power capacity of 1,000-1,400MW, with a total power capacity of 4,500MW up for bidding. The EC plans to unveil the winning bidder by October or November 2012, according to sources. The shortlisted sole bidders include Pendekar Power and Mastika Lagenda, while the consortia include 1Malaysia Development-Hyundai Engineering & Construction and YTL Power International-Marubeni Corporation.
- In March 2012, the joint venture (JV) between Malaysian construction companies Gamuda and MMC has been awarded the key underground package for the MYR30bn (US$9.7bn) Greater Kuala Lumpur Mass Rapid Transit (MRT) project, which is the largest infrastructure project on offer in Malaysia. The underground package, valued at MYR8.2bn (US$2.7bn), is the largest contract in the MRT project and involves the construction of a 9.5km tunnel from the Semantan portal to Maluri portal and seven underground stations along the Sungai Buloh-Kajang line. Construction work on the underground package was due to start in Q212, with completion scheduled for Q316.
- In May 2012, the independent deepwater terminal of Malaysia's Dialog Group in Pengerang, Johor could become operational by early 2014, according to Affin Investment Bank. Land reclamation works for the MYR5bn (US$1.64bn) project, which is a joint venture between Dialog, Royal Vopak and the state government, are advancing and are on track for completion by April 2014. The company is to start building tank terminals in July 2012, with fabrication works due to be conducted in its plant in Tebrau and a temporary workshop in Pengerang.
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