Gamuda buys 136-ha land for nearly RM250mil to expand Gamuda Cove development
KUALA LUMPUR: Gamuda Bhd, through subsidiary Gamuda Land (T12) Sdn Bhd, has signed three sale and purchase agreements to buy three plots of land for RM248.7 million.
The leasehold land is expected to contribute a gross development value (GDV) of RM2.2 billion over an estimated period of 11 years, according to a bourse filing.
The acquisition of the combined 136 hectares is part of Gamuda's ongoing strategy to expand the southern tip of its 619-hectare Gamuda Cove development.
Gamuda said the proposed acquisition is expected to be completed by second quarter of 2026.
Nestled between the lush Paya Indah Discovery Wetlands and the Elite Highway, Gamuda said the acquisition allows Gamuda Land to maximise its placemaking initiatives while capitalising on existing infrastructure investments.
The expansion will also provide alternative access routes via Jalan Dengkil-Banting/Bangi, further enhancing the township's accessibility and appeal to a broader market.
Gamuda Land chief executive officer Chu Wai Lune said the land acquisition is a continuation of the success achieved with Gamuda Cove.
"This expansion not only reinforces our commitment to delivering quality homes but also allows us to enhance the overall vibrancy of the township, ensuring it remains a sought-after destination for both residents and investors," he said in a statement.
Gamuda Land said the township will have delivered over 5,000 homes by the end of 2026, establishing a substantial resident population that provides a strong foundation to support and drive its commercial activities.
It noted that the next focus is to deliver commercial vibrancy through strategic partnerships, while securing partnerships with various organisations to enhance placemaking in Gamuda Cove.
This includes the introduction of eco-tourism activities at the Wetlands Arboretum and Paya Indah Discovery Wetlands.
"These initiatives will complement existing attractions such as SplashMania Waterpark and Discovery Park, further enriching the township's appeal," it added.
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