8 Conlay developer appealing GDB’s recovery of RM103 mil in unpaid sums

KUALA LUMPUR (March 13): GDB Holdings Bhd (KL:GDB) said the developer of the 8 Conlay project is appealing a court decision ordering the company to pay GDB's unit RM102.8 million in unpaid amount for work carried out.

KSK Land Sdn Bhd, which is in liquidation, is appealing the High Court’s judgement in its entirety, including the amount awarded to GDB’s Grand Dynamic Builders Sdn Bhd, according to a bourse filing on Thursday.

Grand Dynamic Builders was previously the main contractor of the 8 Conlay mixed development.

The dispute between the developer and contractor dates back to late payments under a RM1.25 billion contract for the development.

Payment issues first emerged in 2022, prompting the contractor to suspend works and commence legal action to recover more than RM120 million in unpaid sums.

Following a partial payment, Grand Dynamic Builders resumed certain works in January 2023 and withdrew its earlier suit with liberty to file afresh. However, disputes resurfaced in April 2023 after an instalment was not paid.

KSK Land’s unit, Damai City Sdn Bhd, subsequently terminated the contract, leading Grand Dynamic Builders to file a fresh suit in May 2023 to recover RM102.08 million and initiate adjudication proceedings.

In August 2024, an adjudication decision awarded RM59.32 million to the contractor for outstanding payments, and the High Court granted an enforcement order in April 2025.

Grand Dynamic Builders’ adjudication proceedings against Damai City commenced in October 2024, while it had earlier filed a winding-up petition against KSK Land in January 2024.

Separately, KSK Land filed an application in the High Court seeking leave to convene a creditors’ meeting to consider a proposed scheme of arrangement and a three-month restraining order, triggering an automatic two-month moratorium on certain proceedings.

Shares in GDB ended half a sen or 1.33% lower at 37 sen, valuing the company at RM381.56 million.

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