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Gamuda-MiTAC JV wins Keelung MRT contract, expanding Taiwan rail footprint

Gamuda-MiTAC JV wins Keelung MRT contract, expanding Taiwan rail footprint

Built World

Malaysian contractor's second Taiwan MRT win lifts order book to record RM63.9bn

Today: Gamuda-MiTAC JV awarded $901m Keelung MRT contract

Overview

Updated 1 hour ago

Gamuda and Taiwan's MiTAC won a $901m contract to design and build the Keelung MRT system, the Malaysian contractor's second Taiwan rail project. The 15.6km line will link Taipei, New Taipei, and Keelung cities across 13 stations.

The win lifts Gamuda's order book to a record RM63.9bn and locks in about 7.7 years of work. Analysts expect more than RM6.5bn in additional Taiwan contracts to follow, including the Minsheng Line and a maintenance depot.

Why it matters

Gamuda's Taiwan rail expansion secures years of revenue and signals Malaysian contractors taking a larger share of Asia's transit buildout.

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Key Indicators

$901M
Contract value
Total value of the Keelung MRT design-and-build contract, T$29.22bn.
15.6 km
Track length
Length of the Keelung MRT alignment.
13
Stations
Number of stations along the line.
2,820 days
Construction period
Duration of the contract, about 7.7 years.
8%
Expected PBT margin
Expected pre-tax profit margin under the cost-plus structure.

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People Involved

Organizations Involved

Timeline

January 2024 October 2026

3 events Latest: Today
  1. Gamuda-MiTAC JV awarded $901m Keelung MRT contract

    Today Contract

    The JV won the Keelung MRT design-and-build contract, covering 15.6km and 13 stations. Gamuda announced the award on Oct 14.

  2. Gamuda secures Xizhi-Donghu MRT project

    Contract

    Gamuda won the Xizhi-Donghu MRT project in New Taipei City, worth MYR4.3bn.

  3. Taiwan Cabinet approves Keelung MRT planning report

    Policy

    Taiwan's Cabinet approved the Keelung MRT comprehensive planning report.

Scenarios

1

Gamuda wins remaining RM6.5bn of Taiwan additional works

Likely Resolves by End of 2029

Discussed by: RHB Investment Bank, Kenanga Investment Bank

RHB notes about RM6.5bn of additional works related to the Xizhi-Donghu MRT remain to be awarded, potentially covering the Minsheng Line MRT and the maintenance depot. Both banks expect gradual rollout over the next two to three years.

2

Keelung MRT opens for passenger service in 2033

Possible Resolves by End of 2033

Discussed by: Taiwan News, New Taipei City Government

The project targets a 2033 opening. Construction runs about 7.7 years. The line is designed to connect Keelung with the wider Taipei metropolitan rail network, with through-service to the Xidong and Minsheng-Xizhi lines.

3

Gamuda exceeds RM50bn order book target by end-2026

Likely Resolves by End of 2026

Discussed by: Kenanga Investment Bank

Kenanga says the group is comfortably on track to exceed its RM50bn order book target by end-2026, with the current order book at RM63.9bn. Even without new wins, the order book would remain well above the target.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

October 2024

Xizhi-Donghu MRT award (2024)

Gamuda secured the Xizhi-Donghu MRT project in New Taipei City, worth MYR4.3bn with Gamuda's share at MYR3.2bn. It was Gamuda's first Taiwan rail contract.

Then

The Keelung MRT contract is designated additional work under this project.

Now

Established Gamuda as a Taiwan rail contractor with more work expected.

Why this matters now

The Keelung contract extends the same Taiwan rail program, with additional works still to be awarded.

2011-2017

Klang Valley MRT Line 1 (2011-2017)

Gamuda was a lead contractor on Malaysia's Klang Valley MRT Line 1, the country's first mass rapid transit system. The project established Gamuda's credentials in large-scale urban rail construction.

Then

Delivered Malaysia's first MRT line.

Now

Positioned Gamuda for regional rail work, including Taiwan.

Why this matters now

Shows the mass transit track record Gamuda brings to the Keelung project.

Sources

(7)