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KUALA LUMPUR: Construction services company GDB Holdings Bhd signed a letter of intent (LOI) with KSK Land Sdn Bhd unit to be the prime contractor for the property 8 Conlay project for RM1.25bil.
GDB said its unit, Grand Dynamic Builders Sdn Bhd signed the LOI with Damai City Sdn Bhd on Monday to complete the remaining main building works for 8 Conlay, which is an integrated mixed development project.
He said the mutual intention was to sign an award letter / final acceptance letter.
The three high-rise blocks would be the tallest towers that GDB participates in, bringing GDB’s total order book to approximately RM2.27 billion to be recognized through December 31, 2013.
8 Conlay consists of three towers, atop a four-story experimental commercial space. The integrated mixed development features Malaysia’s first and only 68-story high five-star Kempinski hotel and two twisted towers that are dedicated exclusively to branded serviced residences called YOO8 serviced by Kempinski.
The serviced residential towers will be 61 stories for Tower A and 56 stories for Tower B. These three tower blocks would be complemented by a 10-story podium and a five-story basement.
GDB Group Managing Director Cheah Ham Cheia described the LOI for 8 Conlay as the pinnacle of his portfolio, in light of the iconic luxury and ambitious project effort in the city center.
“These three high-rise blocks would be the tallest towers we participated in and would showcase our extensive capabilities to carry out technically challenging projects,” he said.
KSK Group CEO and KSK Land CEO Joanne Kua said the signing of the LOI was an important milestone in the progress of 8 Conlay development.
He said GDB has the background and technical expertise to execute this project, which will position 8 Conlay as 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 move towards the completion of our flagship project, it will be even more enjoyable if a local company can join us on this epic journey,” said Kua.
GDB intends to perform the contract using internally generated funds and / or bank loans.
The total duration of the contract will be 32 months and it is expected to contribute positively to GDB’s future earnings during the duration of the contract.
In addition to the 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.
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