Samsung to help build KL118 worth RM3.4b, PNB confirms

http://www.themalaymailonline.com/

KUALA LUMPUR, Nov 25 ― South Korea’s Samsung C&T Corp will partner local firm UEM Group Bhd to build a RM3.4 billion tower, touted will be Malaysia’s tallest building when complete in 2019, Permodalan Nasional Bhd (PNB) has confirmed.

The planned 118-storey tower in the area of the historic Stadium Merdeka and Stadium Negara is expected to eclipse the iconic 452-metre tall Petronas Twin Towers as Malaysia’s tallest building.

Formerly known as Menara Warisan, the project had in the past faced opposition and attracted controversy.

PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman confirmed the award of contract yesterday and was quoted by The Star Online as telling reporters: “The contract is worth about RM3.4 billion.”

PNB’s wholly-owned subsidiary PNB Merdeka Ventures Sdn Bhd owns the project dubbed KL118 Tower.

Samsung C&T announced it had won a construction order for the KL118 tower late last month.

The Samsung-UEM joint venture is one of six groups reported to have bid for the KL118 tower construction project.

Among the others were: JM Corp-Norwest Holdings Sdn Bhd-Shimizu Corp, Malaysian Resources Corp Bhd-China State Construction Engineering Corp, WCT Bhd-Arabtec Construction LLC, TSR Capital Bhd-Daewoo Group and Seacera Group Bhd-Spaz Sdn Bhd-China’s Sinohydro Corp-Shanghai Construction Group.

According to The Star Online, Samsung C&T had in the past had a role in building projects such as the Petronas Twin Towers and the world’s current tallest building ― Dubai’s Burj Khalifa.

It said the KL118 project, with an expected gross development value of over RM6 billion over five years, will have about 150,000 sq m worth of net lettable office space.

Out of the 118 storeys, 20 floors are expected to be occupied by a luxury hotel group’s 250 hotel rooms, The Star Online reported.