Gamuda targets RM7b property sales in FY2027 after 22% decline
Gamuda Bhd is targeting RM7 billion in property sales for FY2027, more than double the RM3.2 billion in FY2026, supported by a RM9.4 billion launch pipeline across Vietnam, Singapore and Malaysia. The target follows a 22% decline in property sales in the preceding financial year, attributed to softe
PETALING JAYA (Oct 22): Construction and property group Gamuda Bhd is targeting RM7 billion in property sales for FY2027, following a 22% decline in the preceding financial year, according to MBSB Research.
The research house said a RM9.4 billion launch pipeline across Vietnam, Singapore and Malaysia over FY2027–FY2028 would support the target, although it expects property earnings to strengthen from FY2028 onwards. The sales target for the financial year ending July 31, 2027 would more than double the RM3.2 billion recorded in FY2026.
In its FY2026 results report, Gamuda attributed the weaker property sales to softer domestic demand, while several newly acquired quick-turnaround projects and its Hanoi Parcel A development were awaiting launches and regulatory approvals. Property revenue, including the group’s share of joint ventures’ revenue, fell 2% to RM3.74 billion, while property net profit declined 18% to RM310.76 million.
The geographical breakdown showed a sharper decline in Malaysia. Domestic property net profit fell 47% to RM76.98 million, while overseas property net profit rose 1% to RM233.77 million. Overseas markets contributed approximately 58% of property sales, compared with Malaysia’s 42%.
Gamuda’s FY2026 results report provides more detail on the projects supporting its regional expansion. Ambience in Hai Phong, launched in May 2026, and Central Park within Gamuda City in Hanoi, targeted for launch by end-2026, have a combined gross development value (GDV) exceeding RM3 billion. The group expects both developments to contribute to earnings from FY2027 onwards. Gamuda also said it had secured four new development sites across Ho Chi Minh City and Hai Phong with an estimated combined GDV of approximately RM4 billion, replenishing its medium-term pipeline.
Project completions will also be relevant to the recovery. Elysian in Ho Chi Minh City is targeted for completion in the second quarter of 2027, while Eaton Park is expected to be completed in phases from the third quarter of that year. In Singapore, the consortium’s Chencharu Close integrated mixed-use development, with an estimated GDV of RM6.6 billion, is targeted for launch in the first quarter of 2027. In Malaysia, Gamuda reported approximately RM1.3 billion in FY2026 property sales, supported by its established townships.
Gamuda also reported RM7.6 billion in unbilled property sales, providing a base for future revenue recognition. Its net gearing stood at 72% at end-July 2026, up from 53% a year earlier and temporarily above its self-imposed 70% limit following land acquisitions in Vietnam and Singapore to replenish its quick-turnaround project portfolio. The group expects gearing to decline as cash flows come through from its construction order book and unbilled property sales, including collections from Eaton Park in Vietnam.
