KUALA LUMPUR, KSK Group’s flagship 8 Conlay project — its first foray into property development after pivoting from insurance — has been officially put up for sale following years of financial troubles and legal battles.
Receivers and managers Adam Primus & Co listed the stalled RM5.4 billion mixed-use project in central Kuala Lumpur for sale over the weekend. Interested buyers have until Nov 15 to submit their bids.
The move marks the end of a two-year impasse between project owner KSK Land Sdn Bhd and its former main contractor, GDB Holdings Bhd (KL:GDB), which had brought construction to a halt and pushed the venture into receivership.
Once marketed as an iconic development featuring the world’s tallest twisted twin towers, 8 Conlay was launched in 2015 on a 3.65-acre site along Jalan Conlay. Plans included three luxury residential towers branded under YOO8, a Kempinski Hotel, retail podium, and other facilities.
Work initially progressed, with Tower A reaching structural completion in 2021. But by 2022, disputes over payments triggered lawsuits, suspensions, and ultimately termination of GDB’s RM1.25 billion contract. Attempts to revive the project with a new contractor in 2023 also stalled amid fresh legal claims.
GDB later secured multiple court rulings against KSK Land, including orders for unpaid sums exceeding RM140 million. These financial and legal setbacks created a deadlock that culminated in the decision to sell the entire project.
KSK Land managing director Joanne Kua.
KSK Group, formerly Kurnia Asia Bhd, sold its insurance business in 2012 and shifted into property through KSK Land. The 8 Conlay venture was intended as its bold debut, led by executive chairman Tan Sri Kua Sian Kooi and his daughter, Joanne Kua.
Despite the setbacks, market observers note that a sale could pave the way for new ownership to revive the project, offering a potential lifeline after years of delays.
