KUALA LUMPUR (Feb 28): Permodalan Nasional Bhd (PNB), which is on the lookout for tenants for its iconic PNB 118 tower, believes the building, which is set to be the tallest building in Southeast Asia and the third tallest in the world, has a prestigious address that will attract global corporations to establish their offices there.
At present, half the office space in the tower will be occupied by PNB and its strategic companies as anchor tenants, said PNB group chairman Tan Sri Abdul Wahid Omar.
The marketing push to get the rest of the office space filled will start soon, he told reporters yesterday.
“For PNB, this is an investment in real estate. From our perspective, by building this iconic tower, it will improve the value of the surrounding area and thus like any other iconic buildings, will create the demand for such an address,” he said in response to a question about PNB 118’s prospects in the current office space glut Kuala Lumpur faces.
The PNB 118 tower will comprise 17 floors of hotel space, 14 floors of transfers and amenities, four floors of observation deck, and 83 floors of office space. Forty-two of the 83 office floors will be taken up by PNB and its strategic companies while the remaining 41 floors will be let out to other tenants.
Yesterday, PNB Merdeka Ventures Sdn Bhd, a wholly-owned PNB unit and owner of PNB 118, inked a management contract with Hyatt Hotels Corp, under which the Park Hyatt luxury hotel brand will make its Malaysian debut and take up the top 17 floors of the tower.
“This (PNB 118) is going to be a global world-class development which is iconic to the skyline of Kuala Lumpur, so we want to marry what we have with a luxury hotel operator that is world-class and a leader in the luxury market. We believe Park Hyatt is what we are looking for,” Abdul Wahid said at the signing ceremony.
“We [are] thrilled that our first Park Hyatt branded hotel in Malaysia will be located in what will soon be one of the city’s most iconic buildings,” said Hyatt Hotels Corp Asia-Pacific group president David Udell.
The Park Hyatt hotel in PNB 118 will offer 232 guest rooms — including 28 suites and 30 serviced apartments. There will also be a 170-seat all-day restaurant and a 250-seat sky bar and restaurant, a spa, a fitness centre and a swimming pool.
The PNB 118 tower is expected to be completed in 2020, while the Park Hyatt Hotel is expected to receive its first guests by 2021.
To date, substructure works for the tower have been completed. Construction of some 40 stories of the tower is expected to be completed by year end.
This article first appeared in The Edge Financial Daily, on Feb 28, 2018.
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