I reckon they would have gotten a fair few Mainland, HK, SG and Arab buyers. These demographics tend to respond to brands. Locals I don’t think so unless super into collection or it’s hot money.

The fact remains, it is not enough.

KSK land is branded developer? this project will be their first and last project.

Incorrect. It doesn’t count if it never gets executed. A figment of the imagination perhaps with fictional brochures and buyers who maybe have coughed up a few hundred k at this point. We never learn from history. Empire anyone?

The dispute with KSK Group
GDB’s net profit shrank by 53% to RM8.03 million in the financial year ended Dec 31, 2023 (FY2023), from RM17.19 million a year ago. The earnings contraction was mainly due to the impact of work suspension on the 8 Conlay project.

This was exacerbated by higher project costs incurred at a completed project.

GDB was appointed as a main contractor by KSK Land Sdn Bhd — a wholly-owned unit of KSK Group — in November 2020 to build the iconic three-tower 8 Conlay luxury integrated development in downtown KL. The contract value of RM1.25 billion was the largest-ever secured by GDB.

The project had a good start in its first year as KSK Land celebrated the structural completion of the first tower, Tower A, of the YOO8 branded residences, serviced by Kempinski, at 8 Conlay onsite in November 2021.

The bombshell dropped in August 2022, when GDB suspended its work on the 8 Conlay project over payment issues. It sued KSK Land for a sum of RM120.7 million arising from what it claimed was a breach of obligations under a corporate guarantee.

Nonetheless, GDB lifted the suspension in January 2023 and resumed work on Tower A’s façade after receiving partial payment.

Two months later, GDB withdrew the lawsuit with liberty to file afresh, and remobilised and recommenced construction works on Tower A after receiving further partial payment, while other sections of works remained suspended.
KSK Land, however, failed to pay the outstanding sum under instalment in April 2023, and subsequently both parties were not able to reach a settlement consensus after having held discussions and negotiations that aimed to resolve the matter amicably.

Towards the second half of April last year, GDB and KSK Land served notices of determination on each other to end the contract. About a month later, GDB filed a fresh lawsuit against KSK Land to recover about RM102.1 million, which it contends is owed for services rendered on the 8 Conlay project.

In July 2023, an adjudicator — in adjudication proceedings in relation to the same claimed sum under the corporate guarantee — ordered KSK Land to pay RM97.8 million to GDB.

In January this year, GDB filed a winding-up petition with the High Court against KSK Land. The filing of the petition follows the court’s setting aside of KSK Land’s restraining order against its creditors, as well as an ex parte court order for leave to summon a meeting with the creditors as part of a proposed scheme of arrangement.

Is this project completing

How to complete when the developer is wound up? At least that’s the way I’m reading it. Not sure what the latest updates are.

My question is was this caused by covid 2019 pandemic or the project itself was unsellable and therefore unfeasible?

Unrealistic price.

My answer is both

It is "finished"

https://theedgemalaysia.com/node/681866

https://www.edgeprop.my/content/1906512/con...80%99s-8-conlay

Not easy, unless the developer sell the development with heavy loss.
I believe they try to drag the law suit with previous contractor and slowly pay the current contractor to make sure the job still moving.

Ha ha ha good one

It’s Mammoth all over again. First time developer doing something super ambitious and capital intensive. It probably would have done alright if it was launched pre 2015.

This post has been edited by Cavatzu: Apr 30 2024, 06:37 AM

Experienced developer didn't priced in this range, novice developer unlikely to break even.

Most targeted local buyers would buy landed in Bukit Damansara, jalan u thant, country home, Tropicana, etc. targeted foreign buyers would buy in London, Dubai, Australia, etc.

This development could only revive after auction by high court with buyers total loss.

This post has been edited by icemanfx: Apr 30 2024, 06:45 AM

Multimillionaires must be swearing. They have to wait for a white knight now to deliver this.

KUALA LUMPUR (Sept 1): KSK Group's maiden property venture — its flagship 8 Conlay project that marks its ambitious pivot from insurance to property development — has been officially put up for sale.

Receivers and managers Adam Primus & Co listed the stalled RM5.4 billion megaproject, located in the heart of Kuala Lumpur, for sale over the weekend. Prospective buyers have until Nov 15 to submit their offers.

The sale is the culmination of over two years of legal disputes and financial impasse between the project owner, KSK Land Sdn Bhd, and its main contractor, GDB Holdings Bhd (KL:GDB). The development's listing for sale marks a disappointing conclusion to what was once a highly touted property debut for KSK Group.

The Edge Market - KSK's Conlay 8 for sale

What a bad end to KSK Group's maiden property venture.
Curious what kind of buyer that got stucked with this project.

Wow, this is KL Iconic Abandoned Service Apartment, Good Job KSK

Buyer that believe KL can achieve RM3000 psf condo