Share
- The new Wisma KePKAS, with an estimated development cost of RM70 million, will be located at Jalan Wisma Budaya, on a site measuring approximately 1.1 acres.
PETALING JAYA (Oct 14): Sabah-based integrated property developer KTI Landmark Bhd’s wholly-owned subsidiary, KTI Sdn Bhd (KTISB), has accepted a letter of intent (LOI) from the Ministry of Tourism, Culture and Environment of Sabah (KePKAS) for the proposed development of a new office building, Wisma Kementerian Pelancongan, Kebudayaan dan Alam Sekitar (Wisma KePKAS), in Kota Kinabalu, Sabah.
In a bourse filing on Tuesday, the appointment of KTISB for the project will be undertaken in collaboration with the Board of Trustees of Sabah Parks, Sabah Tourism Board, and Sabah Cultural Board.
The new Wisma KePKAS, with an estimated development cost of RM70 million, will be located at Jalan Wisma Budaya, on a site measuring approximately 1.1 acres.
According to the company, the project’s duration is 36 months. The scope of works includes the demolition of the existing Wisma Budaya and the construction of the new Wisma KePKAS.
KTI stated that while the project is subject to general construction-related risks—such as changes in political, economic, and regulatory conditions, fluctuations in labour and material costs, and potential supply shortages—these are expected to be effectively mitigated through the group’s experience and expertise in managing similar developments.
The group is of the view that the project is expected to enhance KTI’s existing order book and contribute positively to the group’s earnings and net assets per share for the financial year ending 2026, without affecting its share capital or substantial shareholders’ interests.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
