New PNB skyscraper to meet the demand for space
Published on: Tuesday, January 13, 2015
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KUALA LUMPUR: The soon-to be tallest Malaysian building, KL118 (pic), may avert an oversupply issue or a lack of demand for its office and business space once it is ready by 2019.Sources close to Permodalan Nasional Bhd (PNB), owner of the 118 storey tower project in the Kuala Lumpur city centre, said initial indications point to fill all its available space.

For one, only 100 of the skyscraper's 118 floors are up for rent, with 60 floors set aside for PNB and certain subsidiaries that have international exposure for a 250-room hotel to be operated by an international luxury hotel group.

"Another 20 floors are allocated for multinational companies and Malaysian companies and Malaysian firms. Getting these companies are tenants will not be a daunting task if they are looking for a space to operate for a signature tower of international standing," a source said.

"The remaining 18 floors would include two levels for an observation deck at the highest point of the tower.

"The rest of the space will be occupied by a business centre, elevators, recreational and maintenance facilities, as well as parking levels for up 5,000 bays," the source added.

They said tender for the structure or engineering, procurement and construction (EPC) contract valued at about RM3 billion for KL118 is expected to be awarded by the middle of this year and construction would take five years.

Six group Bhd-led consortium, have been shortlisted by PNB to submit their bids for the KL118 Tower by January 28.

"It will take a few months to study their proposals and determine the winner. The contract will be awarded by mid-2015 and construction to commence immediately," people with knowledge on the mater said.

KL118, which is a project by PNB Merdeka Ventures Sdn Bhd and wholly-owned unit of PNB, will have a net lettable area of 100 floors.

" Just below the observation deck, there will be 20 floors for 250-odd hotel rooms. The rooms will be managed by an international luxury hotel group," said a source.

The source said 60 floors will be occupied by the state-owned fund manager PNB and its group of companies that have international business exposure.

"PNB has many subsidiaries, but not all will operate from KL118.

The focus for KL118 is more for companies within the PNB group which have international exposure as being in an iconic tower would give them more prestige that will bring many advantages," the source said.

The source said 20 floors have also been allocated for multinational companies and Malaysia firms that want to operate from a signature tower of international standing.

KL118, formerly, known as Warisan Merdeka, is located in the city centre of Kuala Lumpur and is expected generate a gross development value (GDV) of more than RM6 billion over five years.

The net leattable area for the office space alone, excluding the hotel portion, is about 150,000 square metres. The tower will also be connected to a mass rapid transit station.

The source said PNB Merdeka Ventures had obtained all the necessary approval required for the construction of KL118.

"The KL118 skyscraper will change the city skyline. A reputation international architect was appointed for the design of the building. The building will have green features and that will enable the company to apply for LEED ( leadership in energy and environmental design) and GBI (green building initiative) ratings.

"It is a fantastic development and an iconic landmark for PNB for the years 2020 and beyond," the source said.



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