PETALING JAYA: Putrajaya Perdana Bhd, which has signed a memorandum of understanding (MoU) with Abu Dhabi-based Aldar Properties PJSC to undertake the construction, design and consultancy works of node 1 of the Iskandar Development Region (IDR), is set to see its order book rise substantially from March should the development take off then.
Aldar is the master development manager for node 1 of the IDR, where three Middle Eastern consortia – Mubadala Development Co, Kuwait Finance House and Mellenium Development International Co – have committed a total investment of US$1.2bil.
In a research note, Aseambankers said the draft master plan for node 1 would be submitted for government approval by the end of the first quarter.
“Once this receives the go-ahead, we understand that development works could kick off almost immediately, with the finalisation of the MoU between Putrajaya Perdana and Aldar,” it said.
The research outfit said it had yet to incorporate the IDR developments in its earnings forecast. “We expect a substantial enhancement to the company’s order book from this,” it added.
Aseambankers said Putrajaya Perdana had also been awarded a RM49.9mil building contract to construct a two-storey information and communications technology complex in the first phase of the Cyberjaya Flagship Zone.
“This development is within our expectations for Putrajaya Perdana to clinch a series of projects worth at least RM500mil per annum,” it said, adding that this was a conservative estimate given that the company secured more than RM1bil for the financial year ended March 31, 2007 (FY07).
Aseambankers said it was looking at core earnings growth of 17% in FY08 and 22% in FY09, with further upside potential.
“It has good potential to clinch new IDR and Middle East contracts given its proven track record and niche in energy-efficient buildings, with strong backing from its new shareholders,” it added.
By The Star
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