KUALA LUMPUR: Mass Rapid Transit Corp Sdn Bhd (MRT Corp) has spent about RM4bil on the Klang Valley Mass Rapid Transit (MRT), which has reached progress rate of 28.55%.
CEO Datuk Wira Azhar Abdul Hamid said MRT Corp had raised some RM6.4bil from its sukuk issuance.
In addition, he said MRT Corp has been paying its contractors on time and has pushed its contractors to submit certificate of completion and compliance in order for them to claim payment.
“The contractors are not unhappy. They are paid on time. We have not received one complaint,” Azhar said in an update briefing on the MRT yesterday.
He estimated the cost for construction and systems for the Sungai Buloh-Kajang line project at RM23bil.
Azhar said RM3.1bil was initially expected to be spent for land acquisition cost. However, the Government saved some RM1.5bil as MRT Corp signed mutual agreement to co-exist, without acquiring some properties.
On risk of cost overrun, Azhar said it remained a concern for MRT Corp. “We monitor our risk every day. It is a daily concern for us.”
He noted that its project delivery partner, MMC-Gamuda KVMRT (T) Sdn Bhd, was also responsible for on time delivery and cost.
Azhar said he was satisfied with the progress of the 51km MRT line so far.
“We are on track to begin operation of phase one between Sungai Buloh and Semantan stations by Dec 31, 2016 and the remainder of the line from Semantan to Kajang by July 31, 2017,” he said.
Nevertheless, Azhar said he would like to see better progress of the project to “build enough buffer” in case it encountered any problem in the later stage of the project.
In total, MRT Corp has awarded 68 of the total 86 Klang Valley MRT packages.
Azhar said the remaining 18 packages has a total value of RM2bil, adding that out of the 18, five packages have been called and was currently in progress.
MRT Corp project director Marcus Karakashian said five tunnel-boring machines were currently in operation and has been performing well with good tunnelling rate.