MRT2 briefing: MRT Corp strategic communications and stakeholder relations director Datuk Najmuddin Abdullah giving a media briefing on the SSP line projects
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PETALING JAYA: Contractors who are involved in the Sungai Buloh-Kajang mass rapid transit (MRT) line, or MRT1, will likely continue to be the main beneficiaries of the remaining six viaduct packages for the upcoming Sungai Buloh-Serdang-Putrajaya (SSP) line, or MRT2.
According to analysts, these companies would include the likes of Mudajaya Group Bhd, Gadang Holdings Bhd, MTD Construction Sdn Bhd, UEM Construction Sdn Bhd and Syarikat Muhibah & Perniagaan & Pembinaan Sdn Bhd. Together with Sunway Construction Group Bhd (SunCon), IJM Construction Sdn Bhd and Ahmad Zaki Resources Bhd (AZRB), they were the viaduct contractors for the 51-km MRT1.
“But while SunCon, IJM and AZRB had already secured some viaduct jobs for the 52.2-km MRT2 project, the others have yet to do so,” an analyst told StarBiz.
“So, they will likely get some of the jobs in the offing,” he added.
To date, four viaduct packages and an underground job, worth a combined RM20.24bil, for the MRT2 project have already been awarded to local construction groups.
Recall, SunCon and AZRB in March 2016 were announced as the winners of the first two viaduct packages, called V201 and V202, worth RM1.21bil and RM1.44bil, respectively, for the MRT2 project. Then in May, IJM bagged the third viaduct package, V203, worth RM1.47bil.
Other winners of the major jobs were Malaysian Resources Corp Bhd, which bagged the RM648mil viaduct package V210, and MMC-Gamuda, which won the undergound job worth RM15.47bil.
Mass Rapid Transit Corp Sdn Bhd (MRT Corp) is expected to award all the six remaining viaduct packages, worth more than RM6bil, for the MRT2 project by the first quarter of 2017. It would call for tenders for these packages by the third quarter of this year.
“We believe the existing MRT1 viaduct contractors, especially those that have yet to win anything, will stand a good chance of getting some of the jobs because of their experience with MRT Corp,” a broker said.
“And the market has largely priced in these potential job wins for the companies... the outlook for the industry is certainly good, given the many infrastructure developments going on in the country. So, local players will continue to benefit,” he added.
On that note, Hong Leong Investment Bank Research (HLIB Research) has maintained its “overweight” rating on the construction sector.
“Our investment thesis is simple: stay overweight on construction, as 2016 is already a record year for contract flows,” the brokerage said in its report.
HLIB Research said it would expect the following contracts to be rolled out in the second half of 2016, including six viaduct packages for the MRT2, worth a combined RM7bil-RM8bil; eight packages of the Pan-Borneo Sarawak Highway worth a total of RM10bil-RM12bil; urban highways such as the Damansara-Shah Alam Highway (RM4bil) and the Sungai Besi–Ulu Kelang Elevated Expressway (RM4bil); and Light Rail Transit 3 (RM9bil).
“There should also be a good flow of building jobs up for grabs driven by catalytic developments within the Klang Valley such as the Tun Razak Exchange, Kwasa Damansara, Bukit Bintang City Centre, Cyberjaya City Centre and Bandar Malaysia,” HLIB Research said.
It, however, conceded that there was a risk of the softening domestic property market, which could lead to slower private-sector contracts.
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