KSK Group to break ground for '8 Conlay' early 2015

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KUALA LUMPUR (Nov 18): KSK Group Bhd, formerly Kurnia Asia Bhd, will break ground early next year on its RM4 billion maiden mixed development dubbed "8 Conlay" here and sell the units by the first half.

"We have obtained the development order (DO) from the Kuala Lumpur City Hall (DBKL) recently," KSK Group CEO Joanne Kua told reporters after announcing its partnership with Kempinski Hotels, Europe's oldest luxury hotel group, here today.

"We target to break ground by beginning of next year and start selling the units by the first half," she said.

Kua expects the whole project to be completed by 2020. Spanning 1.58ha, 8 Conlay features two blocks of serviced residential units, a five-star hotel and a 200,000 sq ft retail podium.

Looking forward, Kua aims to have an equal revenue contribution from the group's two core businesses, which are property development and insurance.

"Currently, the group's main earnings come from the insurance business in Thailand and Indonesia. But we expect the property segment to contribute positively and to have equal contribution within 10 years," she said.

Kua also said the group is looking at other property projects both locally and regionally, but "priority will be given to the 8 Conlay development".

"Obviously, 8 Conlay will not be the only project for KSK, but there is nothing concrete so far.

"We are looking at prime and strategic land bank locally and regionally, including Thailand, Indonesia and central London," she added.