Malaysian law firm Lee Hishammuddin Allen & Gledhill (LHAG) has advised on the revival of KL360 @ Menara GD, formerly known as the M101 Skywheel project.
After sitting abandoned since 2022-2023, the site is set to be revamped into a 61-storey mixed-use development comprising serviced apartments, office suites and retail units. It is expected to have a gross development value of MYR1.37 billion (USD332 million). The rebranding does not include the original developer’s vision of building Southeast Asia’s highest ferris wheel between two towers.LHAG advised the relevant project parties, including the white knight developer GD Properties. Partner Chris Toh Pei Roo and senior associate Jay Fong Jia Sheng led the team.
“LHAG advised the relevant project parties on Malaysian tax and stamp duty aspects arising from the rehabilitation and revival of KL360 @ Menara GD, formerly known as the M101 Skywheel project,” Toh told Asia Business Law Journal.
“Our work included advising on the availability and application of stamp duty exemptions for instruments executed in connection with the revival of the abandoned project, as well as related tax and transactional implementation issues to facilitate the continuation of the project.”
Toh said one of the key highlights was the site’s status as a well-known development in Kuala Lumpur.
“From a tax and stamp duty perspective, the key highlight was ensuring that the applicable exemptions and implementation steps were properly considered in the context of an abandoned project rehabilitation exercise,” he said.
Toh said there were also a few challenges that needed to be addressed, particularly in relation to compliance and maintaining shareholder confidence.
“These types of projects require careful co-ordination between the legal, tax, land and restructuring aspects, particularly where the objective is to facilitate the continuation of the project while ensuring compliance with the relevant statutory requirements. The broader significance of the project also lies in its contribution to restoring confidence among affected stakeholders and supporting the national effort to revive abandoned developments,” he said.
