Design and Build (DB) has been classified as the most risky project due to the complexities and uniqueness of the project itself. Appropriate identification, analyzing, controlling and monitoring for the project risk are required to minimize the risk in DB projects. It is essential that all parties play an important role in minimizing risk inherent in design and build projects. Therefore, this study has been carried out to conduct risk assessment on design and build projects by the comparison of contractors, consultants and owners perceptions. To achieve the objective, the survey questionnaire was distributed among contractor, consultant and owner, that were directly involved in design and build projects. A total of 128 useable questionnaires were received and analyzed using mean ranking, Kruskal-Wallis and Mann-Whitney Test. The result of these analyses shows that the contractors, consultants and owners have the same insight in risk factors presented namely: “client financial capability” and “inadequate cash flow by contractor”. There are no significant differences in between all parties except “bureaucracy in government agencies” and “inflation”. This study helps to increase understanding of contractors and owners on the importance of implementing risk management process at early stage of the projects.