QUOTE(SBG.MJ @ Nov 5 2025, 08:59 PM)
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.
KSK Group — formerly known as Kurnia Asia Bhd — sold its Malaysian insurance arm, Kurnia Insurans (Malaysia) Bhd, to AmG Insurance Bhd for RM1.63 billion in 2012. The group was subsequently delisted in November 2013 after major shareholders privatised the company.
Under the leadership of executive chairman and founder Tan Sri Kua Sian Kooi, KSK Group then rebranded its overseas operations before entering the property development.
By 2019, the former insurance salesman who never attended university was the country’s 35th richest man, with a net worth of US$420 million.
KSK Group’s property venture began in 2013 when its property arm, KSK Land, launched 8 Conlay in November 2015. The project was promoted as an integrated development featuring what was touted as the world’s tallest twisted twin-tower residences.
Situated on a 3.65-acre parcel of freehold land along Jalan Conlay, adjacent to the bustling Bukit Bintang district, the development was planned to be a mixed-use commercial venture, comprising a 61-storey Tower A, a 56-storey Tower B, a 72-storey Tower C, a 10-storey podium for retail and amenities, and five levels of basement parking.
However, the project soon became mired in a protracted legal battle between KSK Land's unit and its main contractor, GDB, leading to construction delays and eventual receivership.
Source:
https://theedgemalaysia.com/node/768919 
Nov 5 2025, 06:57 PM
Quote
0.0139sec
0.22
6 queries
GZIP Disabled