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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

October 15th, 2026: Gamuda shares edge higher after contract win

Overview

Updated Nov 1

Gamuda and Taiwan's MiTAC Information Technology won a contract worth NT$29.22 billion, about RM3.72 billion, to build the rail systems and trackwork for the Keelung MRT. Gamuda's 72.84% share is about RM2.71 billion. Taiwan's Public Construction Commission cleared the line's NT$69.7 billion total budget on the same day, and the 15.6km, 13-station route targets a 2033 completion.

The win lifts Gamuda's outstanding order book to a record RM63.9bn. Kenanga Investment Bank estimates about RM6.5bn in remaining Taiwan additional works on the Xizhi-Donghu alignment, including a maintenance depot and the Minsheng Line. The timing of those awards has not been confirmed.

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

NT$69.7bn
Total project budget
Full Keelung MRT budget, cleared by Taiwan's Public Construction Commission on Oct 13, 2026. The systems contract is about 42% of this.

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People Involved

Hsieh Kuo-liang
Hsieh Kuo-liang
Mayor of Keelung City
Overseeing the Keelung MRT project's development

Organizations Involved

Gamuda Berhad
Gamuda Berhad
Engineering and construction group
Lead contractor, 72.84% JV stake

Malaysian engineering and construction group leading the Keelung MRT joint venture.
IT
MiTAC Information Technology Corp
Information technology and systems integration company
JV partner, 27.16% stake

Taiwan-based IT and systems integration firm holding 27.16% of the Keelung MRT joint venture.
DR
Department of Rapid Transit Systems, New Taipei City Government
Government agency
Awarding authority

New Taipei City government agency that awarded the Keelung MRT design-and-build contract.

Timeline

January 2024 October 2026

5 events Latest: October 15th, 2026 · 4 weeks ago
Tap a bar to jump to that date

  1. Gamuda shares edge higher after contract win

    Latest Market

    Gamuda's shares edged up in morning trade the day after the contract announcement.

  2. Gamuda-MiTAC JV awarded $901m Keelung MRT contract

    Contract

    New Taipei City's Department of Rapid Transit Systems announced the design-build contract award for the Keelung MRT's systems and trackwork on Oct 13; Gamuda confirmed receipt of the notice of award on Oct 14. The contract covers 15.6km and 13 stations.

  3. Taiwan clears NT$69.7bn Keelung MRT budget

    Government

    Taiwan's Public Construction Commission passed the Keelung MRT's NT$69.689 billion budget review. The systems contract, worth NT$29.22 billion, is about 42% of that total.

  4. Gamuda secures Xizhi-Donghu MRT project

    Contract

    Gamuda won the Xizhi-Donghu MRT project in New Taipei City. The Keelung contract is designated additional work under it.

  5. 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.

4

Keelung MRT misses its 2033 opening target

Possible Resolves by End of 2033

Discussed by: TrainsNews analysis

The systems contract was awarded before the underground civil works tender closed. TrainsNews says any civil delay passes straight into testing and commissioning, and notes 2,820 days from a late-2026 signing would run past 2033 into 2034.

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)

This parallel is kept, but Gamuda's specific role and the project dates are not confirmed by this update. 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

(11)
+5
World Construction Network Kenanga Investment Bank Business Today KLSE Screener / The Edge RHB Investment Bank via i3investor Taiwan News Gamuda Berhad TrainsNews Giro Engenharia Gamuda Berhad PublicInvest Research via i3investor