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KL118 awarded, RM3.4 billion deal to Samsung-UEM

I wrote about this earlier. I love KL118 and I think it’s another catalyst for all the surrounding areas as well. Read here:  KL118 to be built by Samsung-UEM – RM2.12 billion   Reported in many media officially, the Samsung-UEM partnership has won the contract to build KL118 from Permodalan Nasional Bhd (PNB). As per announced, the contract is worth about RM3.4bil. They won after beating all other bidders including IJM 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.
KL118 will be taller than Petronas Twin Towers but I think I prefer Petronas Twin Towers because it remains the tallest twin tower in the world and based on all the taller towers being built, it will be tallest for a very long time still. The overall gross development value expected from KL118 is expected to be more than RM6bil over five years. This will have spillover effects to Kuala Lumpur. The net lettable area for office space is about 150,000 sq m. This excludes the hotel portion. The tower will also be connected to a MRT station. The hotel would occupy 20 floors and will be operated by an international luxury hotel group.
Actually, until today I still have friends who said that KL118 is a wastage, why not build other more useful buildings instead. Truth is, when Petronas Twin Towers were built, it was also said to be a wastage of funds. Look at the area today and the many new FDIs from the foreign MNCs operating there. Today, no one visits Malaysia without knowing about our twin towers and no one in the right frame of mind would want to miss it too. My little wish? Make sure the winner completes the building on time. As per reported, it’s 2019. That’s just 4 years away. Hopefully it will open at a time when our economy is much better than today. Happy waiting.
written on 25 Nov 2015
Next suggested article: In KL, a mature neighbourhood below RM500,000
 

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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