KUALA LUMPUR, July 22: The KL118 skyscraper project, also known as Menara Wawasan, is ongoing, said UEM Group Bhd chairman Tan Sri Ahmad Tajuddin Ali.
“We have started it and now it’s in the finalisation of design stage. The original plan is to complete it by 2020 but to me it’s too early to say whether we will be on schedule because there are some detailings going on.
“I am sure the team will do their best to meet the deadline,” he told Bernama on the sidelines of UEM Group’s Hari Raya open house here yesterday.
The construction contract worth about RM3.4 billion was awarded by Permodalan Nasional Bhd (PNB) to a joint venture between UEM Group and South Korea’s Samsung C&T last year.
Samsung C&T is reported to have experience participating in the building of skyscrapers, which include the Petronas Twin Towers here and the Burj Khalifa in Dubai, which is currently the tallest building in the world at 828 metres.
PNB, via its wholly owned subsidiary PNB Merdeka Ventures Sdn Bhd, is the owner of the tower located within the enclave of Merdeka Stadium and Stadium Negara.
KL118, which will be the tallest building in the country, is among the remaining major construction projects managed by UEM Group, placed under UEM Builders Bhd. The tower is planned to be over 500 metres tall and will surpass the 452-metre Petronas Twin Towers, and is slated to become a new landmark in Kuala Lumpur city centre. It has been reported that KL11 will have a gross development value of more than RM6 billion over five years.
Ahmad Tajuddin said UEM Group is in reorientation mode of moving away from construction to become a project developer and it is considering to be involved in the concession business.
The group is in the midst of finishing its remaining major projects before shifting its focus. The remaining major projects, besides KL118, are the Women and Children’s Hospital in the city centre and the Mass Rapid Transit, for which UEM Group’s portion stretches from Cheras to Kajang.
“Then we may not be involved in construction anymore. The policy decision that has been made is that we will exit construction and shift focus to become a developer and we will be looking for business opportunities in that area,” Ahmad Tajuddin said.
It has been reported that the group will venture into affordable housing development by year-end.
“The challenge is to find good locations with land cost low enough to be able to build cheaper houses,” Ahmad Tajuddin said.
— THE SUN