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The Star
4 days ago
- Business
- The Star
Approval for MRT3 a positive for builders
PETALING JAYA: The approval for the Mass Rapid Transit 3 (MRT3) Circle Line last week provides more clarity that the mega project is progressing, strengthening the optimism for the construction sector, analysts say. RHB Research said the key beneficiaries of MRT3 can be divided into the first-liners (main contractors) and second-liners (subcontractors). 'Based on the track records in the previous MRT1 and MRT2 projects – contractors such as Gamuda Bhd , Sunway Construction Group Bhd , IJM Corp Bhd , Malaysian Resources Corp Bhd (MRCB), WCT Holdings Bhd , Gadang Holdings Bhd and Mudajaya Corp are expected to be the first-liners. 'Meanwhile, builders such as Econpile Holdings Bhd , Gabungan AQRS Bhd , Kimlun Corp Bhd and TRC Synergy Bhd could play a role as subcontractors for the MRT3 project,' the research house said in a report recently. Last week, Transport Minister Anthony Loke formally signed off on the MRT3 project following a public-inspection exercise conducted between September and December last year. After the approval of the final railway scheme for MRT3, the land acquisition process begins and is expected to be completed by end-2026. The public inspection exercise held last year saw Malaysia Rapid Transit Corp (MRT Corp) receive over 45,000 written feedback submissions. According to MRT Corp, an overwhelming 93.3% of the feedback expressed support for the project, reflecting strong public and stakeholder endorsement Following the feedback received, several improvements were made to the placement of stations and viaducts along the project's alignment, as well as the design of the MRT3 Circle Line's rail system by MRT Corp. Thirty two stations were planned for MRT3 – 22 elevated, seven underground, and three provisional ones with an alignment spanning 51km (39km elevated, 12km underground), during the public inspection exercise last year. It was also highlighted by MRT Corp that land acquisitions have been reduced from 1,012 to 690 lots, and improvements were made to station and viaduct placements along the alignment. 'We envisage some details on MRT3 being announced during the upcoming tabling of either the 13th Malaysia Plan on July 31 or Budget 2026 on Oct 10, perhaps regarding the funding mechanism, latest estimated cost, and also if a fresh round of re-tendering is required. 'In the revised Budget 2023 tabled in February 2023, the government announced an intention to review the cost of the MRT3 project in the hopes of reducing the total amount to below RM45bil from the estimated RM68bil in 2018,' RHB Research said. RHB Research's top picks with regards to the project include Gamuda, Sunway Construction, and Binastra Corp Bhd with a target price of RM5.86, RM6.80 and RM2.64, respectively. MBSB Research said it expects a re-tender exercise to be called by mid-2026, and contracts to be awarded towards the end of the land acquisition exercise, which will likely be between end-2026 and mid-2027. 'MRT Corp had previously sought four extensions for the tender validity of MRT3. No extensions were sought after the fourth extension ended in March 2024, which would mean that the tenders have naturally lapsed. 'We believe there would also be some changes to the original alignment of the project and the placement of stations, considering the reduction in plots of land for acquisition,' the research firm said. MBSB Research stated while the approval of the final railway scheme was slightly behind the initial schedule, where it was expected to be approved by the fourth quarter of financial year 2024 (4Q24), nevertheless, it is still 'a positive' as this marks 'a step forward for the mega rail project'. 'MRT Corp expects the land acquisition process to be completed by the end of next year, which will then pave the way for construction to begin. 'We also do not discount the possibility that the land acquisition process may take slightly longer than expected. Notices for landowners to vacate acquired land should be issued starting 1Q26, where they will be given up to six months to vacate,' the research house said. MBSB Research maintained 'positive' on the construction sector following the latest developments. The research house expects Gamuda, which has a 'buy' call with a target price of RM5.42, and its joint venture partner MMC Corp Bhd to be the front-runner for the largest MRT3 package when the retender exercise is called, premised on their large degree of experience with MRT1 and MRT2. 'Other potential contenders for the two smaller packages are YTL Corp Bhd with a 'buy' call target price of RM2.84, IJM Corp with a 'buy' call and target price of RM3.74, MRCB with a 'buy' call and target price of 56 sen, and Sunway Construction with a 'buy' call and a target price of RM6.44. 'We also expect Malayan Cement Bhd , with a 'buy' call and target price of RM7.49, to be a direct beneficiary of the project,' MBSB Research said.
The Star
18-06-2025
- Politics
- The Star
PJ folk object to MRT3 alignment proposal
A PROPOSAL to bring the MRT3 alignment into parts of Petaling Jaya, Selangor, has drawn objections from some residents over health and environmental concerns. A town hall session was held in Section 14 by Bukit Gasing assemblyman Rajiv Rishyakaran to explain the proposal. Rajiv said he and Petaling Jaya MP Lee Chean Chung had worked with Petaling Jaya City Council (MBPJ) to draw up the proposed route. According to a map displayed during the session, the proposed route cuts across Taman Jaya and Jalan Kemajuan next to Section 13 and Section 16 (refer to map). 'The proposal has been sent to the Federal Government but no decision has been made yet,' said Rajiv. 'The route will service two areas namely Section 13 and PJ Sentral, which have been seeing massive increase in commercial and industrial activities.' The assemblyman said the city needed more public transportation to cope with increased traffic and residents. 'More workers from other areas are coming into Petaling Jaya. It is better that they come by train than by car,' he stressed. However, some residents were unhappy with his explanation. Selva says the proposed alignment barely enters Section 13. Section 14 Residents Association chairman Selva Sugumaran Perumal said the proposed alignment barely entered Section 13. 'The route should go into Section 13 proper, as well as Section 17, to serve residents in those areas. 'Also, PJ Sentral is already served by (Asia Jaya and Taman Jaya) LRT stations. 'Why does it need more public transportation?' Selva also said that Rajiv, Chung and MBPJ should have consulted local communities before submitting the proposal to the Federal Government. D'Cruz is concerned about noise pollution. Another resident Andre D. D'Cruz, who lives near the Asia Jaya LRT station, expressed concern about noise. 'I have made complaints but they have not been addressed. 'Can the authorities guarantee similar issues won't recur if MRT3 is routed through this area?' he questioned. Other concerns raised were the loss of Petaling Jaya's green lung, while a suggestion was made to enhance feeder bus coverage and demand-responsive transit (DRT). Rajiv resplied that feeder buses and DRT could only go so far in alleviating traffic congestion in the city. He also stressed that there was a need to balance between environmental concerns and socioeconomic needs. On questions about the locations and sizes of the MRT3 stations, Rajiv said these would be finalised by MRT Corp later. Also known as Circle Line, the MRT3 alignment is a 51km rail loop cutting across major townships in the Klang Valley. The current alignment has 32 planned stations and does not include the locations in Rajiv's proposal. The project will be connected to 10 existing MRT, LRT, KTM and Monorail stations. It is expected to start in 2027 and be fully operational by 2032. MRT1 (Kajang Line) links Sungai Buloh and Kajang while MRT2 (Putrajaya Line) links Kwasa Damansara and Putrajaya Sentral.
