PROPERTY developer KSL Holdings Bhd is yet to receive building approval for its proposed 10-storey high-end condominium development in Jalan Madge off Jalan U-Thant, Kuala Lumpur.
The project has been on KSL's plans as far back as 2010, a company official said, who declined to put a timeline on the possible approval.
KSL first obtained the project's land in June 2010 for RM24.5 million.
Meanwhile, the company yesterday told its shareholders it would not be paying out dividends this year in a move to cut its gearing level.
KSL executive chairman Ku Hwa Seng said while it was a bitter pill for the shareholders to swallow, the management believes it was in the best interest of the company.
KSL has some RM243 million in borrowings, while cash stood at negative RM582,000.
Ku told Business Times the company hopes to shave off about RM100 million off its borrowings.
On its biggest project KSL City, Ku said the 868-room KSL Resort is currently 70 per cent completed, while KSL City Mall is 85 per cent occupied.
The average room rate (ARR) at KSL Resort is between RM150 and RM160 currently, at promotional rates.
Ku is confident that the ARR will reach RM200 at the end of the promotional period at end-July.
Next week, the developer with land mainly in Johor will launch phase one of its RM2.5 billion Bandar Bestari mixed development project in Klang.
The project will have a gross development value of RM200 million.
KSL has some 800ha of undeveloped land bank and is still on the look out for more land, Ku said.