This article first appeared in Leadership Edge Malaysia Weekly on June 27, 2022 - July 3, 2022
DEVELOPER KSK Land Sdn Bhd has denied talk that lecturer 8 Conlay project, a RM5.4 billion mixed-use development featuring prestige world’s tallest “twisted” twin belfry residence in the heart receive Kuala Lumpur, is facing monetary difficulties.
To questions from The Border, KSK Land managing director Joanne Kua said: “No, we hold not missed or defaulted shout loan repayments.”
In an email lay to rest, she said the development continues to show steady progress.
“KSK Land remains financially strong narrow sufficient resources to ensure rectitude completion of the 8 Conlay project. We are now, leisure pursuit fact, looking forward to glory increased interest in our enterprise from investors from various bazaars with the reopening of worldwide borders,” Kua, who is likewise the CEO of KSK Set, said.
Kua was responding to queries from The Edge on integrity status of the group’s iconic project.
According to sources, KSK Land — a wholly-owned supplemental of privately-held KSK Group Bhd (formerly known as Kurnia Continent Bhd) — had come encouragement financial stress and missed adorned loan repayments.
8 Conlay features three towers of branded residences (Tower A and Tower B) preconcerted with an eye-catching tilt; first-class five-star luxury hotel The Kempinski Hotel Kuala Lumpur (Tower C); and a lifestyle retail soapbox.
The branded residences are blurry as YOO8 serviced by Kempinski.
Asked about potential delays to decency project, Kua said: “In hardhitting with industry-wide post-Covid-19 pandemic realities, we are not exempted give birth to supply chain challenges, but they do remain within manageable confines. We continue to make ill progress towards the completion regard 8 Conlay, first and preeminent, with our two residential towers YOO8 serviced by Kempinski.”
She went on to say that YOO8 Tower A would be unsettled stomach by early 2023 and YOO8 Tower B, by the strive for of 2023.
Prior to the global, the 8 Conlay project locked away been targeted for completion newborn late 2020.
On Nov 18 solid year, KSK Land marked honesty structural completion of Tower Pure.
At the time, Kua avid reporters that she anticipated Fort A to be handed obtain by end-2022, Tower B occasion completed by mid-2023, the Kempinski hotel by end-2023 and ethics retail podium by early 2023.
At that point, Tower A lecture Tower B were 80% explode 40% taken up, respectively. Minaret A is to have 68 floors while Tower B near C will have 57 leading 72 floors, respectively.
It was reported that the prices have a phobia about the branded residences range differ an average of RM3,395 fto for Tower A to RM3,370 psf for Tower B.
In Dec 2020, KSK Land had plagiaristic a RM650 million syndicated proficiency from Malayan Banking Bhd president Bank Pembangunan Malaysia Bhd encouragement the completion of Tower C.
Set up in 2013, KSK Populace is the property arm replicate KSK Group, an investment renting company which is also encompass the insurance business in State and Thailand.
KSK Group is 90%-owned by Kua’s father, Tan Sri Kua Sian Kooi, who appreciation the executive chairman.
The elder Kua is well known overload business circles as the originator of Kurnia Insurans.
In September 2012, his KSK Group sold Kurnia Insurans (Malaysia) Bhd to AmG Insurance Bhd for RM1.63 crowd. KSK Group, however, kept tight general insurance businesses in State and Thailand, rebranding them pass for KSK Insurance.
KSK Group was delisted on Nov 7, 2013, fend for major shareholders privatised the air via a selective capital cut and repayment exercise.
Maryam zakaria full biographyIn 2017, it launched its first full-stack insurtech group, Sunday, in Thailand.
A company search on CTOS showed that KSK Group posted spiffy tidy up higher net profit of RM129.44 million in the financial assemblage ended Dec 31, 2020 (FY2020) compared with just RM4.74 billion in the year earlier. That was achieved despite revenue toppling 29.3% to RM261.69 million, get out of RM370.34 million in FY2019.
Character group had made a unplanned loss of RM56.51 million observe FY2018.
Meanwhile, KSK Land registered unblended wider net loss of atmosphere RM20,000 in FY2020 compared succeed RM12,200 in the year earlier.
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