KLCC Holdings says no plans for mega skyscraper Tower M

In a filing with Bursa Malaysia yesterday, the company said all segments showed improvement compared to the third quarter of 2017, mainly from its hotel and retail segments.

KUALA LUMPUR: KLCC (Holdings) Sdn Bhd (KLCCH) is not embarking on the construction of a mega project, dubbed “Tower M” which a news report stated would be 145 storeys high.

In a statement issued on Wednesday, KLCCH clarified that there was no such skyscraper project.

“No such construction is currently taking place,” it said in reference to a weekly business magazine which reported over the weekend that KLCCH was planning the 700 metre tall buiding called Tower M within the Kuala Lumpur City Centre development.

The report had stated construction of the office tower atop a retail podium would start on a four-acre site near Jalan Binjai in Kuala Lumpur after 2030. Industry estimates put the gross development value of the yet-to-be names skyscraper at betweem RM3.7bil and RM4.2bil.

In response to the report, KLCCH said that instead, construction was going on at Lots L, L1, M and N in the KLCC Precinct along Jalan Binjai which were focused on an integrated transport oriented development.

KLCCH said the development comprised four levels of basement car park, one level concourse retail and four levels retail podium.  The concourse and underground car park will be fully integrated with the upcoming MRT Station. 

The substructure works for the projects by KLCCH are in progress as planned, concurrently with the MRT Station works by MRT Corp., scheduled to be completed by end 2022. The sub-structure includes the construction of a foundation for any prospective buildings in the future, so as not to disrupt the MRT line when it is in operation.
 
“Any future commercial, construction plans on the Lots in question, are subject to pre-secured full tenancy as KLCCH is not a speculative developer.  In view of the current market conditions, any such plan is unlikely to materialise before 2030.
 
“KLCCH’s mandate is to derive value from our assets and this includes any future commercial construction. To suggest otherwise is misguided,” it said.