LSH Capital secures 20-year lease to manage KL Tower

 

The 20-year lease agreement for KL Tower was signed with the federal lands commissioner.

KUALA LUMPUR: 

Lim Seong Hai Capital Bhd (LSH Capital) has signed a 20-year lease agreement with the federal lands commissioner to modernise and manage one of Malaysia’s most iconic landmarks, the Kuala Lumpur Tower, and its surrounding areas.

The property developer and construction company said it plans to rejuvenate and enhance KL Tower and its vicinity, transforming the entire precinct into a vibrant, integrated destination for tourism, retail, and cultural engagement.

LSH Capital said the lease agreement aligns with the concession granted by the government, which covers the management, operation, and maintenance of KL Tower and its surroundings.

The agreement, effective April 1 to March 31, 2045, grants LSH Capital rights to over about 10 acres of land, including the KL Tower site, Tower Terrace, and adjacent areas.

Its non-executive chairman Lim Keng Cheng described the project as a golden opportunity to contribute meaningfully to Malaysia’s urban landscape and boost its tourism appeal.

The lease agreement was signed by LSH Service Master Sdn Bhd, a joint venture between LSH Best Builders Sdn Bhd and Service Master Sdn Bhd, with the former holding a 70% stake and Service Master the remaining 30%.

LSH Capital said this marks its first foray into facility management services, and that it aims to establish a stable base of long-term recurring income for the group. - FMT