DBHD EXPANDS REGIONAL FOOTPRINT, LANDS RM62 MILLION PARKING MANAGEMENT CONTRACT RENEWAL IN THE PHILIPPINES
Kuala Lumpur, 2 July 2019 – Damansara Realty Berhad (DBhd or the Group), through its wholly owned subsidiary, Metro Parking Management Philippines Inc. (MPP), has announced that it was awarded a contract to develop and manage parking facility in southern Manila, Philippines.
The RM62 million estimated contract is based on the renewal of 702 existing parking bays at the Madrigal Business Park (MBP). This 20 year-contract will also include the construction of an additional 208-bays of steel deck parking structure in MBP; a bustling business hub in the affluent suburb near Alabang Town Centre, one of Metro Manila’s best-known shopping and lifestyle centers.
The contract also provides management rights to the company that will contribute to sustainable income for the next 20 years with an additional five years, as and when MPP constructs additional level of the steel deck parking bays to cater for future growing demands in the area.
The contract value is also expected to grow within 20 percent to 40 percent in tandem with the increase of parking rates as stipulated in the contract with MBP.
“We are excited about this new business venture in the Philippines. It gives us the opportunity to apply our specialties in construction and facilities management services,” said Group Managing Director Ts. Brian Iskandar Zulkarim.
“It has always been our focus to explore more of high growth markets such as the Philippines and we will continue to broaden our services and offerings, leveraging on our specialties,” he added.
“Our goal is for Metro Parking to maintain its position as the most preferred car park management company in the Philippines while strengthening its place as the top three in Malaysia,” said Ts. Brian.
Groundworks on the 28,000 sq ft plot will commence within the next six (6) months’ time and are expected to be completed sometime in Q3 2020.
DBhd recently announced plans to raise up to RM15.9 million through a private placement, of which RM12.8 million will be used to finance the expansion of its IFM segment, including capital funding required for this parking facility contract in the Philippines.
*Ts. stands for the title of ‘Professional Technologist’ awarded by the Malaysia Board of Technologists (MBOT).