Gamuda: Secures AUD624m NSW Road Upgrade

Gamuda Bhd, has announced that Transport for New South Wales has awarded the Elizabeth Drive Upgrade, Mamre Road Upgrade Stage 2 project to the Gamuda BMD Joint Venture (GBJV), a 50:50 joint venture.

The project has an overall value of approximately AUD2bn, jointly funded by the Australian and New South Wales Governments, with the GBJV contract value at AUD624m (about RM1.8bn) and Gamuda’s expected revenue share at AUD312m (about RM0.9bn), based on its 50% stake.

NSW Road Upgrade

It is a design-and-construct contract covering civil and structural works to upgrade 4.5km of Elizabeth Drive and 3 km of Mamre Road at Kemps Creek in Western Sydney, including utility relocations, with commencement on 21 Sep 2026 and target completion in 2030.

“With this new contract, the Group’s total outstanding order book is estimated at RM62.5bn. We keep our forecast unchanged, as this contract falls within our projected RM30bn in new wins by the end of CY26. As such, we retain our Outperform call on Gamuda with an unchanged SOTP-based TP of RM6.00,” says Public Investment.

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