• Executed Letter of Intent to appoint GDBSB as main contractor to complete main building works of upscale high-rise Kuala Lumpur city integrated development
• Brings Group’s total outstanding order book to RM2.27 billion 

SELANGOR, Malaysia, Oct 27 (Bernama) -- Construction services firm GDB Holdings Berhad (GDB, GDB控股有限公司, Bloomberg: GDB:MK, Reuters: GDBH.KL) has secured its single-largest contract of approximately RM1.25 billion to complete the remaining main building works for 8 Conlay, the upscale integrated mixed development in Jalan Conlay, Kuala Lumpur.  

GDB’s wholly-owned subsidiary Grand Dynamic Builders Sdn Bhd (GDBSB) executed a Letter of Intent (LOI) with Damai City Sdn Bhd, a wholly-owned subsidiary of KSK Land Sdn Bhd, with the mutual intention to enter into a definitive Letter of Award (LOA) to appoint GDBSB as the main contractor for the works within 14 days from the date of LOI.

Situated between the prestigious KLCC area and the bustling Golden Triangle, 8 Conlay consists of three towers, atop a four-storey experiential retail space. The integrated mixed development features the first and only five-star 68 storeys high Kempinski Hotel in Malaysia and two twisted towers which are devoted exclusively to branded serviced residences called YOO8 serviced by Kempinski. The branded serviced residential towers stands at 61 levels for Tower A and 56 levels for Tower B. These three tower blocks would be complemented by a 10-storey podium and a five-level basement. 

“Since inception, GDB has been entrusted by discerning clientele to execute crucial superstructure works for high-end residential and/or commercial developments, because we take immense pride in delivering works of outstanding quality which are appreciated by target buyers.

Moreover, we have established a track record of delivering works ahead of its contracted delivery.

Having secured this LOI for 8 Conlay is the pinnacle in our portfolio, in light of the project’s iconic luxury and ambitious endeavour in the city centre. These three high-rise blocks would be the tallest towers that we participate in, and would showcase our extensive capabilities in carrying out technically-challenging undertakings.”

Mr. Cheah Ham Cheia (谢汉正)
Group Managing Director, GDB Holdings Berhad

“Today marks an important milestone in the progress of the 8 Conlay development. We are confident that with GDB coming on board as our main contractor emphasizes KSK Land’s commitment to complete 8 Conlay at the highest standard of quality and in a timely manner, albeit the current challenging times.

GDB has the prerequisite track records and the technical expertise to execute this project, which will position 8 Conlay to be a landmark of design, innovation and collaboration in the heart of Kuala Lumpur. Upon completion, 8 Conlay will own the world’s tallest twisted twin residential towers and the first and only Kempinski Hotel in Malaysia.

Now that we have the right partner to stride towards the completion of our flagship project, it will be all the more pleasing that a home-grown company is able to join us on this epic journey.”

Ms. Joanne Kua 柯盈妃
CEO of KSK Group & Managing Director of KSK Land
KSK置地董事總經理兼KSK 集團首席執行官 

Under the LOI, GDBSB is given the right of access to the site and authorised to commence dilapidation surveys, pre-construction planning, setting out works, procurement, and operations mobilisation prior to the date of commencement which would be 14 days upon receipt of the LOA.

GDB intends to execute the contract using internally generated funds and/or bank borrowings. The overall duration of the contract will be for 32 months, and is expected to contribute positively towards future earnings of GDB for the duration of the contract.

Together with GDB’s order book as at 30 June 2020, this contract win brings GDB’s total outstanding order book to approximately RM2.27 billion, which will recognized till financial year ending 31 December 2023.

Apart from works for 8 Conlay, GDB’s ongoing high-rise projects are the AIRA Residence in Damansara Heights, Park Regent Desa ParkCity in Kuala Lumpur, Perla Ara Sentral in Ara Damansara, and the Hyatt Centric Hotel in Kota Kinabalu in Sabah.

Cheah said: “This new contract in hand demonstrates our immense competitiveness to secure large-scale contracts even amidst the current challenging landscape in the property development sector.”

“With every project, and even more so in large-scale undertakings, we strive to reinforce our track record for excellent delivery, not just adhering to the required timeliness but also doing so by maintaining distinctively-high quality accreditations. Time and time again, we have received accolade by industry bodies for establishing definitive standards of works for premium high-rise buildings, and we hope to continue this streak,” concluded Cheah.

About GDB Holdings Berhad (www.gdbhb.com.my) 

Established since 2013, GDB has two subsidiaries namely, 100%-owned Grand Dynamic Builders Sdn Bhd (GDBSB) and 70%-owned GDB Geotechnics Sdn Bhd (GDB Geotechnics), formerly known as Eco Geotechnics Sdn Bhd.

GDBSB is an integrated construction group that specialises in building sizable high-rise construction projects, with emphasis on environment, quality, and safety. GDBSB is equipped with multiple certifications such as ISO 9001:2015 Quality Management System, ISO 14001:2015 Environmental Management System, ISO 45001:2018 Occupational Health and Safety Management System, 5-Star SME Competitiveness Rating for Enhancement (SCORE) and the company registration declaration certificate from the Ministry of Finance Malaysia. GDBSB has also obtained the QLASSIC, CONQUAS, BuildQUAS, SHASSIC, and Green 5-S programme certifications for its various projects. 

On top of that, GDBSB is registered with the Construction Industry Development Board (CIDB) of Malaysia as a Grade G7 contractor, which allows GDBSB to tender for projects with unlimited value in the categories of general building, general civil engineering, and mechanical works. GDBSB also obtained the Sijil Perolehan Kerja Kerajaan as a Grade G7 contractor that enables it to participate in tenders for Government projects with contract value of RM10.0 million and above. 

Its 70%-owned subsidiary, GDB Geotechnics, extends the Group’s in-house capabilities to include geotechnical and foundation engineering works. This comprises bored, caisson and micro piling solutions, diaphragm walls, earth retaining systems, soil treatment, earthworks, basement works as well as general construction. 

GDB Geotechnics also holds a Grade 7 License from the CIDB of Malaysia. 

GDB was listed on the ACE Market of Bursa Malaysia Securities Berhad on 27 March 2018, and subsequently transferred to the Main Market on 24 April 2020.

About KSK Land
Founded in 2013, KSK Land Sdn Bhd is a wholly owned subsidiary of KSK Group Berhad, an established Malaysian investment holding company. With an existing presence in the general insurance business across Southeast Asia with KSK Insurance Indonesia and KSK Insurance (Thailand) Public Co. Ltd., KSK Group expanded into the property development market in Malaysia with KSK Land. A dynamic new player on the international property development scene, KSK Land’s maiden project, 8 Conlay, reflects the company’s vision to craft bespoke properties that prioritise design, craftsmanship and lifestyle. 

About 8 Conlay
Designed by architect Hud Bakar (of RSP Architects) with landscapes by designer Pok Kobkongsanti (of TROP Studio), 8 Conlay will welcome a new generation of the world’s pioneers and trailblazers to the vibrant heart of Kuala Lumpur. Perfectly poised between nature and the city’s leading attractions, the three-tower integrated property will elevate the art of living with a five-star Kempinski Hotel, experiential retail quarters and branded residences called YOO8 serviced by Kempinski, which have been curated exclusively by Steve Leung & YOO (Tower A) and Kelly Hoppen for YOO (Tower B). 

Issued for and on behalf of GDB HOLDINGS BERHAD by Aquilas Advisory (Malaysia) Sdn Bhd. 

SOURCE: KSK Land Sdn Bhd

FOR MORE INFORMATION, PLEASE CONTACT: 
PR Representative for GDB Holdings Berhad
Name: Ms. Julia Pong
Tel: +6012-3909 258
Email: julia@aquilas.com.my

SVP, PR & Communications for KSK Land
Name: Ms. Amanda Chong
Tel: +6012 284 0004
Email: amanda.chong@kskgroup.com​

--BERNAMA