PETALING JAYA: KTI Landmark Bhd has accepted a letter of intent from the Ministry of Tourism, Culture and Environment of Sabah to develop a new office building in Sabah with a development cost of RM70mil.
In a filing with Bursa Malaysia, the property developer said the building, Wisma Kementerian Pelancongan, Kebudayaan dan Alam Sekitar (Wisma KEPKAS), will be located at Jalan Wisma Budaya, Kota Kinabalu, Sabah.
KTI Landmark said the duration of the project is 36 months.
It said the scope of works includes the demolition of the existing Wisma Budaya and the construction of a new Wisma KEPKAS on a site measuring approximately 1.1 acres.
“The Board is not aware of any material risk factors arising from the project other than the risks and uncertainties that are generally associated with the construction industry, such as changes in political, economic and regulatory conditions, shortage of labour and building materials, increase in labour and material costs and natural disaster that may affect the financial and operational conditions and the profitability of the group.
“However, with the experience and expertise in similar construction projects, these risks are expected to be effectively mitigated.”
