Trust-owned Menara TM is up for sale

KUALA LUMPUR (Feb 9): Menara TM, which houses Telekom Malaysia Bhd’s headquarters office, is up for sale.  

Menara ABS Bhd, which owns the 55-storey freehold office tower located in Jalan Pantai Baharu, Kuala Lumpur, is inviting bids for the property via its Realtors, WTW Real Estate Sdn Bhd, according to an advertisement in an English daily on Wednesday (Feb 9).

The closing date for the first stage of the sale is on March 18 at 12pm.

In a statement on Wednesday (Feb 9), Telekom Malaysia said it is not involved with the intended sale and highlighted it is currently occupying Menara TM on a lease arrangement. 

The telco added that the building is currently owned by Menara ABS – a trust-owned special-purpose entity incorporated solely for a sale-and-leaseback transaction involving four properties (Menara TM, Menara TM Semarak, Wisma TM Taman Desa and TM Cyberjaya Complex) in 2008 via the RM1 billion issuance of Sukuk. 

Telekom Malaysia said it is currently in the process of relocating the majority of its corporate offices into its TM-owned properties, including TM Annexe 1 and TM Annexe 2 as well as its properties in Cyberjaya, as part of the company’s optimisation programme to enable greater efficiency and agility, and to accommodate hybrid working conditions. 

The building holds MSC status, a symbol of international-class service awarded by the Malaysian government.

Menara TM was officially launched in 2003 by then prime minister Tun Dr Mahathir Mohamad.

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