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Friday, June 27, 2008

Bangunan MAS to become hotel, apartment complex

PERMODALAN Nasional Bhd (PNB) plans to redevelop the Bangunan MAS which it bought from Malaysia Airlines (MAS) two years ago, into a hotel and apartments.

President and group chief executive Tan Sri Hamad Kama Piah Che Othman said work is expected to start soon.

"We hope to do it as soon as possible, once we go through all processes and obtain the necessary approvals," he told reporters after a news conference to announce Amanah Saham Nasional 2 income distribution in Kuala Lumpur yesterday.

PNB had bought the 35-storey building located at Jalan Sultan Ismail, Kuala Lumpur, for RM130 million.

The 21-year old building was the former headquarters for the airline.

Hamad Kama Piah said the development cost for the project has yet to be finalised. He also did not say if the new properties would be in the high-end segment.

PNB started to grow its property assets about 10 years ago. Its holdings are made up of office buildings, resorts, serviced apartments, shopping complexes and retail outlets, among others.

Besides Bangunan MAS, other buildings directly owned by PNB in Kuala Lumpur include Menara PNB, PNB Darby Park, Menara Tun Ismail Mohamed Ali, Wisma KPMG and PNB Damansara.

By New Straits Times (by Hamisah Hamid)

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