Jang jang. The saga continues. Welcome to the exciting world of lawsuits and counter lawsuits.

Just sharing what l read from this heads-up..maybe false hope.... Suggest buyers to verify further with the respective parties...

https://www.chinapress.com.my/20230109/gdb%...a4%8d%e5%b7%a5/

This post has been edited by Jagalat: Jan 9 2023, 07:45 PM

Resume work liao.

www.theedgemarkets.com/node/651045

provided Damai City meets the agreed terms and settles the outstanding amounts as scheduled. And continue to fund it.

This post has been edited by icemanfx: Jan 10 2023, 04:33 AM

8 conlay nice development

Once upon a time, there was an ambitious skyscraper complex in Kuala Lumpur, Malaysia initiated during the 1990s. The skyscraper complex is known as "Plaza Rakyat" and still under construction like laputa's castle in the sky


“Those who cannot remember the past are condemned to repeat it.” – George Santayana, The Life of Reason, 1905.

Stop work again!?

Yes seem main con being terminated due to renegotiation failure, developer claim already have ready main con to come in let’s wait what happen next

This project barraged with problems and the biggest joke they they are in discussion with Conlay Construction as their new main con.. goodluck to you buyers.

How many kena con here?🙊

https://www.freemalaysiatoday.com/category/...b-for-8-conlay/

KSK Land terminates RM1.25bil contract with GDB for 8 Conlay

PETALING JAYA: KSK Land Sdn Bhd (KSK), the developer of the luxury 8 Conlay project in Kuala Lumpur, has decided to terminate its contract with Grand Dynamic Builders Sdn Bhd (GDBSB), a subsidiary of GDB Holdings Bhd.

In a statement today, KSK said the difficult decision to terminate the contract between Damai City Sdn Bhd (DCSB), a wholly-owned subsidiary of KSK Land Sdn Bhd, and GDBSB, follows a failure to achieve “agreeable solutions to various disputes”.

“(These issues were in relation to) construction site matters over a period of the last nine months, including scope of work, construction programme, and financial instalment payments following the Covid-19 pandemic,” it said.

Throughout the process of discussions, KSK said there has also been an increasing number of conditions imposed by GDBSB, culminating in a series of demands communicated on April 4.

“In the communication, GDBSB requested for DCSB to novate all existing nominated subcontractors (NSCs) within a two-week period, and to take on all liabilities and responsibilities thereafter as well as for any matters arising prior to the determination of the NSCs,” it said.

GDBSB had also asked to be removed from the main builder works, and for DCSB to pay for the loss of profits arising from that.

“These stipulations are extremely one-sided and unreasonable on the part of GDBSB as 8 Conlay’s main contractor, and despite best efforts to find a viable solution for each matter, it has become impossible for KSK and DCSB to accommodate or fulfil them,” it added.

Since then, KSK has been in discussion with new potential contractors, including Conlay Construction Sdn Bhd.

8 Conlay is a luxury mixed-use development comprising a four-storey retail block, the Kempinski Hotel in Malaysia, and two residential towers.

In a Bursa filing today, GDB Holdings announced they received a copy of the notice of determination (termination) from DCSB for the 8 Conlay project. It added DCSB’s notice of determination is considered by the GDB directors to be wrongful.

In response, GDBSB exercised its right to immediately determine the contract and has served a notice of determination dated April 19 to DCSB.

GDB said the execution of the determination is expected to have a material impact on the group’s earnings, net assets and net asset per share for the current financial year ending Dec 31, 2023.

Splitting after a tumultuous relationship

KSK and GDBSB had faced difficulties in their partnership early on. On Oct 6 last year, GDBSB filed a writ of summons and letter of claim against KSK at the Kuala Lumpur High Court.

GDBSB had claimed a total outstanding sum of RM120.69 million due in connection with the corporate guarantee made by KSK in favour of GDBSB.

It contended that KSK was in breach of its obligations under the corporate guarantee when it failed, refused and/or neglected to honour the corporate guarantee and effect payment for RM120.69 million.

Prior to this, GDBSB had served DCSB a suspension notice for works on the 8 Conlay project on Aug 16, 2022.

The suspension was lifted this year on Jan 9, with GDBSB set to recommence facade work for Tower A following the receipt of the partial payment of the outstanding sum from DCSB.

In a Bursa filing on Jan 9, the group said the full resumption of construction under the project was scheduled for early April, subject to the full settlement of the outstanding sums payable to GDBSB by DCSB.

The writ of summons and letter of claim was later withdrawn on March 21, according to a Bursa filing by GDB.

The contract for 8 Conlay

To recap, GDBSB accepted the letter of award (LoA) for the 8 Conlay project on Nov 9, 2020 to be the main contractor.

The contract sum in the LoA was RM1.25 billion with a commencement date of Nov 23, 2020.

With an original overall construction duration of 34 months, the project was scheduled for completion by September.

The project involved the construction of three tower blocks, which were the remainder of the building works for 8 Conlay, which is situated along Jalan Conlay in the heart of KL.

For the financial year ended Dec 31, 2022, GDB posted a net profit of RM17.2 million, down 39% from the previous year.

The lower profit is attributed to an increase in construction material prices and labour costs and higher project preliminaries and staff costs due to prolonged contract durations as a result of the pandemic.

“The group’s outstanding order book stood at RM1.28 billion as at Dec 31, 2022, which provides earnings visibility until the financial year ending Dec 31, 2024,” said GDB.

This outstanding order book consists of construction works for the newly-secured contract to build a logistic hub in Persiaran Bukit Raja, Klang.

The order book also includes Park Regent in Desa ParkCity and 8 Conlay as well as the sub-contract for bored piling works at Bandar Kuala Lumpur.

GDB’s share price fell 3 sen or 15% to 16 sen today, giving it a market capitalisation of RM154.7 million.

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This post has been edited by ckl1998: Apr 20 2023, 07:51 AM

Tau tau lo 'the k-uu-lou medicine'

This post has been edited by jojolicia: Apr 20 2023, 01:11 PM

Who is here to play victim?

Just go back to the root lo who is the cutie paymaster 😊

I assume the buyers of this project are all rich folks and this is just another investment (albeit a troubled one). Not much grumblings and protesting going on in the media by the public on this. Hopefully no average folk dumped all their hard earned savings in this project.... when i look at what is going on, there will be a lot of cost cutting going on since profit margins have been shrinking since the launch period. Probably to get the same bathtub, RM cost will have gone up like 3 x ... sigh

ASP for this project is like RM3k psf? I believe sales status is not that great. Furthermore, KSK is retaining the retail and hotel. If they do not have sufficient internal funds and unable to generate sales, that's maybe the reason of non-payment obligation.

Like bbb/uuu, the developer was unrealistic, over estimated number of rich in maluhsia and under estimated knowledge of foreign poorperly investors. foreign poorperly investors in this level have higher exposure than wannabe. at this price psf, it is better to buy in sg, hk, dxb, lhr, bkk, etc.

This post has been edited by icemanfx: Apr 21 2023, 02:39 AM

Projeck Sakit Lai Liao Lai Liao

The MM2H debacle killed off any buyer prospects for foreign investors. The local rich will think twice before buying this.

Be realistic, most if not all foreign poorperly investors who bought in the last 10 years are under water. Knowing their friends lost money, how many would buy?

This post has been edited by icemanfx: Apr 22 2023, 05:37 PM