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KUALA LUMPUR (July 22): GDB Holdings Bhd (KL:GDB) has secured a RM439.4 million contract with Magma Kiara Sdn Bhd, a wholly-owned subsidiary of Magma Group Bhd (KL:MAGMA), to construct a mixed-use tower in Mont Kiara called the Wolo Hotel & Residences.
According to its bourse filing, construction of this multi-purpose tower is expected to begin in August. It will be constructed by Grand Dynamic Builders Sdn Bhd, a wholly-owned subsidiary of GDB, and is expected to be completed by December 2030.
The tower, located in Mukim Batu, Kuala Lumpur, is expected to comprise 60 storeys. The tower will house serviced apartments, suites, hotel rooms and retail spaces.
The contract adds to GDB’s existing order book, which consists of projects amounting to RM620 million as of March 31, 2026, and is expected to contribute considerably to the company’s 2026 revenue.
Additionally, GDB’s tender pipeline currently stands at RM10 billion as of July 8, spanning industrial, infrastructure, data centre, commercial and residential projects.
“Winning yet another landmark development in the capital city indeed points to our strong competency, and reflects our unwavering commitment to high building standards, quality workmanship and timely delivery,” GDB executive director and acting group managing director Andy Lai Wee Young said.
GDB has completed commercial, residential and industrial projects across Malaysia including Park Regent, Westside III, Menara Hap Seng 3, KL Eco City, Etiqa Tower, Metrohub 1 and Hyatt Centric Kota Kinabalu.
GDB’s shares closed up almost 2% to 51.5 sen on Wednesday, valuing the company at RM531.1 million.
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