The office complex to be called Hevea Tower is part of a proposed development extending over 2,330 acres of land owned by the Malaysian Rubber Board.
The Merdeka PNB 118 Tower will see a new hotel brand making its debut in the country.
PNB owns a 55% stake in property developer I&P.
Going forward, Selangor Properties said the property investment division is expected to remain stable and will continue to contribute positively to the group.
The cost for the RTS will also be finalised by the end of the year once its design is agreed by the operating company.
TRC Synergy said the project would contribute positively to the group's future earnings and earnings per share.
The property division posted a deficit of RM15 million for 6MFY17 on start-up costs for its MyTown Shopping Centre.
Going forward, WCT said the engineering and construction division is expected to continue to build on its strong order book after securing about RM2 billion worth of new contracts in FY16