An ambitious real estate plan to complement the existing Umno headquarters in Kuala Lumpur has been put on hold, said party president Ahmad Zahid Hamidi.

He told the New Straits Times that negotiations with developers Malaysian Resources Corporation Berhad (MRCB) – which is 40 percent owned by the Employees Provident Fund – were ongoing.

“The project is currently put on hold. With this current economic situation, we feel like we have to keep our options open.

“We have held discussions on the matter with the project developer and they might want to invite partners or sell their shares; or have a joint venture with others,” he said.

Launched in conjunction with Umno’s 70th anniversary in 2016, the project involved tearing down the Putra Bus Terminal and replacing it with a 70-storey mixed-purpose building.

The building was supposed 1.2 million square feet of space and would house a 250-room, six-star hotel, commercial space and a 5,000-capacity mosque.

Another phase of the project was to upgrade the existing Putra World Trade Centre, which also houses the Umno headquarters.

The project was launched by then Umno president Najib Abdul Razak.