KUALA LUMPUR: Construction services company GDB Holdings Bhd has inked with a letter of intent (LOI) with KSK Land Sdn Bhd’s unit to be main contractor for the 8 Conlay property project for RM1.25bil.
GDB said its unit, Grand Dynamic Builders Sdn Bhd had on Monday signed the LOI with Damai City Sdn Bhd to complete the remaining main building works for 8 Conlay, which is an integrated mixed development project.
It said the mutual intention was to enter into a definitive letter of award/letter of acceptance.
The three high-rise blocks would be the tallest towers that GDB participates in, and brings GDB’s total order book to approximately RM2.27bil to be recognised till FYE Dec 31,2023.
8 Conlay consists of three towers, atop a four-storey experiential retail space. The integrated mixed development features the first and only five-star 68 storeys high Kempinski Hotel in Malaysia and two twisted towers which are devoted exclusively to branded serviced residences called YOO8 serviced by Kempinski.
The serviced residential towers will be 61 levels for Tower A and 56 levels for Tower B. These three tower blocks would be complemented by a 10-storey podium and a five-level basement.
GDB group managing director Cheah Ham Cheia described the LOI for 8 Conlay as the pinnacle in its portfolio, in light of the project’s iconic luxury and ambitious endeavour in the city centre.
“These three high-rise blocks would be the tallest towers that we participate in, and would showcase our extensive capabilities in carrying out technically-challenging undertakings, ” he said.
The CEO of KSK Group & Managing Director of KSK Land, Joanne Kua said the signing of the LOI was an important milestone in the progress of the 8 Conlay development.
She said GDB has the track records and the technical expertise to execute this project, which will position 8 Conlay to be a landmark of design, innovation and collaboration in the heart of Kuala Lumpur.
Upon completion, 8 Conlay will own the world’s tallest twisted twin residential towers and the first and only Kempinski Hotel in Malaysia.
“Now that we have the right partner to stride towards the completion of our flagship project, it will be all the more pleasing that a home-grown company is able to join us on this epic journey, ” Kua said.
GDB intends to execute the contract using internally generated funds and/or bank borrowings.
The overall duration of the contract will be for 32 months, and is expected to contribute positively towards future earnings of GDB for the duration of the contract.
Apart from works for 8 Conlay, GDB’s ongoing high-rise projects are the AIRA Residence in Damansara Heights, Park Regent Desa ParkCity in Kuala Lumpur, Perla Ara Sentral in Ara Damansara, and the Hyatt Centric Hotel in Kota Kinabalu in Sabah.
Did you find this article insightful?
100% readers found this article insightful