This article first appeared in The Edge Financial Daily on June 22, 2018

KUALA LUMPUR: KLCC (Holdings) Sdn Bhd (KLCCH), the parent company of KLCCP Stapled Group which comprises KLCC Real Estate Investment Trust and KLCC Property Holdings Bhd, will continue with its development projects despite the glut in commercial properties.

KLCC (Holdings) director and group chief executive officer Datuk Hashim Wahir said that, as its master developer, it is the group’s responsibility to ensure that Kuala Lumpur City Centre is fully developed.

“At the same time, we are mindful of the situation in the market. The expression of concern regarding the oversupply [of commercial property projects] is clear, and we as a business will make decisions [taking this into account].

“These decisions will be based on the current commercial [property market] reality,” he told reporters after briefing the Council of Eminent Persons yesterday.

Hashim said that he was there to brief the council on KLCC (Holdings)’s projects and its joint venture.

It was reported in April that KLCC (Holdings) has formed a joint venture with a third party to develop its first transport-oriented development (TOD) on Jalan Bintai here. The development is expected to be completed in 2022.

The mixed project, which is an expansionary programme for the Suria KLCC shopping centre, will feature retail and office components and a hotel. The TOD also involves the construction of a bridge linking Bukit Bintang to Suria KLCC.