The KL118 skyscraper project, also known as Menara Wawasan, is ongoing, said UEM Group Bhd chairperson Ahmad Tajuddin Ali.
“We have started it and now it’s in the finalisation of design stage. The original plan is to complete by 2020, but to me it’s too early to say whether we are going to be able to be on schedule because there are some detailings going on.
“But I am sure the team would do their best to meet the deadline,” he told Bernama on the sidelines of UEM Group’s Hari Raya open house in Kuala Lumpur today.
The major construction contract worth about RM3.4 billion was awarded by Permodalan Nasional Bhd (PNB) to the joint venture between UEM Group and South Korea’s Samsung C&T last year.
Samsung C&T was reported to have had experience participating in the building of skyscrapers, which include the Petronas Twin Towers and 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.
The KL118 Tower, which would 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 was reportedly said to generate a gross development value of more than RM6 billion over five years.
Ahmad Tajuddin said UEM Group is at the moment on a reorientation mode of moving away from undertaking construction to become a project developer and it was also considering to be involved in the concession business.
He said the group is now in the midst of finishing its other remaining major projects before the shift in its focus.
“We had delivered KLIA2 and the Penang Bridge, and now the remaining major projects, besides KL118 tower, are the Women and Children Hospital in the city centre and Mass Rapid Transit (MRT) project, in which our portion stretches from Cheras to Kajang, which we should be able to deliver on time.
“Then we might not be involved in construction any more. The policy decision that has been made was that we will exit construction and shift focus to become a developer and we looking for business opportunities in that area,” he said.
It was reported earlier that the group would venture into affordable housing developments by year-end.
“The challenge is to find good locations with land cost low enough to be able to build cheaper houses.
“Our acquisition of Sunrise Bhd helps to put us in the high-end sector and we have a few such projects in the city centre,” he added.