CEO of PNB Merdeka Ventures Group Mr. Tengku Mahmud said that the construction rate of the Merdeka 118 building is currently on schedule at 92%.
“Offices can move here first while the hotel goes into operation in the third quarter of next year ” he told reporters after a survey and inspection tour of Merdeka 118 building.
Spreads nearly 300,000 square meters, the building is mainly for rent and is used as high-class Grade A offices. . The top 17 floors will be the first and only Park Hyatt hotel in Malaysia.
The rest of the house will be devoted to shopping malls, mosques, hotels, public spaces, and parks. on the ground floor and the highest observatory in Southeast Asia. Tickets are expected to be sold online.
A large-scale metro station connecting some of Kuala Lumpur’s LRT and MRT lines is also being built in the basement levels of the tower.< /p>
PNB Merdeka Ventures a wholly owned subsidiary of Permodalan Nasional Bhd (PNB) a government fund management company is targeting for office leasing comprising 70% local companies and 30% of multinational companies, Mr. Tengku Mahmud said.
“PNB and its subsidiaries will work in this building first. We are working on the rest. List for The lease will be announced later,” he added.
Merdeka 118 has announced construction plans since 2010 and officially started construction in 2017. Initially the building was expected to open in 2021 but was delayed due to the Covid-19 epidemic.
The building is located in an area of historical significance in Malaysia, overlooking Merdeka Stadium where former leader Tunku Abdul Rahman declared independence for Malaysia in 1957.
After completion of this 118-storey building, Malaysia is expected to set the 2nd tallest record on world with a height of 678 9m, only surpassed by the world’s tallest tower Burj Khalifa in Dubai with height 810m and 163 floors.
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