By Sharen Kaur
KUALALUMPUR:Permodalan Nasional Bhd(PNB) is talking to multi national corporations (MNCs) on leasing space at the RM5 billion Warisan Merdeka tower, here.
Several MNCs have indicated their interest to move into the tower when it is completed in 2020, said a company official, who declined to be named.
"PNB is not worried about the take-up rate as almost 70 per cent of the building space will be occupied by the group and its subsidiaries. A mall and luxury hotel will take up more than 10 floors and the rest is for MNCs and other corporate players," the official said.
However, the concern is more on rising raw material prices, shortage of foreign labour and keeping the cost within budget.
PNB Merdeka Ventures Sdn Bhd (PNBMV), a unit of PNB - the country's biggest asset manager - is undertaking the development of the 118-storey Warisan Merdeka tower project.
The project, which will be developed on a 7.6ha site, is located within the enclave of Merdeka Stadium and Stadium Negara.
The two stadiums will be retained as national heritage buildings.
The project was met with scepticism by some parties due to the oversupply of commercial real estate here but PNB has gone ahead with the development as it is bullish on its prospects.
In March, PNBMV awarded the first contrac worth RM74 million to Pintaras Geotechnics Sdn Bhd, a unit of Pintaras Jaya Bhd, to undertake the foundation works for the tower.
PNBVW is expected to award a few more contracts over the next several months for clearance works and infrastructure development, the company official said.
He added that the contract for the superstructure will also be tendered out by year-end.
It has been reported that the gross development cost of the tower, which will exceed 500m in height, is between RM2.5 billion and RM3 billion.
Warisan Merdeka tower will have a gross floor space of three million sq ft and net floor space of 2.2 million sq ft. Once completed, it will be the tallest building in Malaysia, surpassing the 452m Petronas Twin Towers.
Several MNCs have indicated their interest to move into the tower when it is completed in 2020, said a company official, who declined to be named.
"PNB is not worried about the take-up rate as almost 70 per cent of the building space will be occupied by the group and its subsidiaries. A mall and luxury hotel will take up more than 10 floors and the rest is for MNCs and other corporate players," the official said.
However, the concern is more on rising raw material prices, shortage of foreign labour and keeping the cost within budget.
PNB Merdeka Ventures Sdn Bhd (PNBMV), a unit of PNB - the country's biggest asset manager - is undertaking the development of the 118-storey Warisan Merdeka tower project.
The project, which will be developed on a 7.6ha site, is located within the enclave of Merdeka Stadium and Stadium Negara.
The two stadiums will be retained as national heritage buildings.
The project was met with scepticism by some parties due to the oversupply of commercial real estate here but PNB has gone ahead with the development as it is bullish on its prospects.
In March, PNBMV awarded the first contrac worth RM74 million to Pintaras Geotechnics Sdn Bhd, a unit of Pintaras Jaya Bhd, to undertake the foundation works for the tower.
PNBVW is expected to award a few more contracts over the next several months for clearance works and infrastructure development, the company official said.
He added that the contract for the superstructure will also be tendered out by year-end.
It has been reported that the gross development cost of the tower, which will exceed 500m in height, is between RM2.5 billion and RM3 billion.
Warisan Merdeka tower will have a gross floor space of three million sq ft and net floor space of 2.2 million sq ft. Once completed, it will be the tallest building in Malaysia, surpassing the 452m Petronas Twin Towers.
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