PUTRAJAYA (Sept 29): Soon-to-be Malaysia’s tallest structure, the Merdeka PNB 118 Tower that is being built by Permodalan Nasional Bhd (PNB) will see a new hotel brand making its debut in the country.
PNB president and CEO Datuk Abdul Rahman Ahmad said the announcement of the new hotel, which is expected to take up 20 floors within the tower, would be made in the fourth quarter of this year.
“The property market is challenging at the moment, but we believe our project is iconic and there will always be a demand for such properties. Our tower is the fifth tallest in the world.
“We hope to announce a new hotel brand that has never been in Malaysia, in the fourth quarter. The hotel would further enhance the value of the development,” he told a media briefing on PNB’s third quarter performance.
The fund manager has no plans to scale down the project and is expected to award the main contract soon.
The 118-floor building, with a gross development value of RM6 billion, is being built in Petaling Hill and is targeted for completion in 2019. Foundation for the tower is now being laid.
When completed, PNB companies would relocate there, taking up some 60 floors. — theedgemarkets.com