This article first appeared in The Edge Financial Daily on July 19, 2018 - July 25, 2018

KUALA LUMPUR: KLCC (Holdings) Sdn Bhd (KLCCH) yesterday clarified it has not commenced construction on the megaproject dubbed Tower M.

Instead, the ongoing works on Lots L, L1, M and N of the KLCC precinct along Jalan Binjai here are focused on an integrated transport-oriented development.

The statement from KLCCH confirmed The Edge Malaysia weekly report on Monday.

Tower M — the working name coined after Lot M, where the building will be erected — and any other future commercial construction plans on Lots L, L1 and N, are subject to pre-secured full tenancy.

“In view of current market conditions, any such plan is unlikely to materialise before 2030,” KLCCH’s corporate communications, investor relations and business development department said in yesterday’s statement to dispel talks that works on a mega tower has started.

The ongoing development comprises four levels of basement car parks, one level of concourse retail, and four levels of retail podium, the statement added.

The concourse and underground car park will be fully integrated with an upcoming mass rapid transit (MRT) station. The sub-structure works for the projects by KLCCH are in progress as planned, concurrently with  works on the MRT station by MRT Corp, and scheduled for completion by end-2022.

The sub-structure includes the construction of a foundation for any prospective buildings in future so as not to disrupt the MRT line when it is in operation.

“KLCCH’s mandate is to derive value from our assets and this includes any future commercial construction. To suggest otherwise is misguided,” the statement added.