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Wednesday, September 19, 2012

Enquiries start to build up

MENARA WAWASAN MERDEKA: Interest already covers over 60pc of lettable space, says source

The proposed 100-storey Menara Wawasan Merdeka has received pre-booking enquiries for over 60 per cent of its lettable space, according to an industry source.

The source said about 30 per cent of the space is being reserved for its developer, Permodalan Nasional Bhd (PNB), and several government- linked companies under PNB’s stable.

To be officially launched by year-end, the Menara Warisan Merdeka will cost RM2.5 billion to RM3 billion. It will have gross floor space of 3.0 million sq ft and 2.2 million sq ft of net floor space.

This will be followed by two subsequent phases comprising a shopping complex and condominiums. The whole development, to be undertaken over a 10-year period, will cost RM5 billion.

Last month, PNB announced that it had obtained the development order from Kuala Lumpur City Hall to build the 100-storey Menara Warisan Merdeka, touted to be the country’s tallest building.

PNB president and chief executive officerTan Sri Hamad Kama Piah Che Othman was reported as saying recently that the development order was attached with several conditions, including those related to legal matters.

PNB is studying the terms in order to fulfil them and to ensure proper planning as the development order was approved with conditions, Hamad Kama had said.

To be located within the Stadium Merdeka and Stadium Negara heritage area, the concept of the 100-storey building, its retail portion and the condominiums was mooted in early 2004 taking into account the need for enhancement of value and effective utilisation of the 7.6ha land adjacent to the two stadiums.

In 2005, the master plan was approved by the municipal authorities, followed by the issuance of final titles in 2008. The principal concept of PNB iconic building was then approved in 2009.

Since then, PNB has set up a wholly-owned unit, PNB Merdeka Ventures Sdn Bhd, to undertake the project, with Tengku Abdul Aziz Tengku Mahmud, formerly from Guthrie Property Development Holding Bhd and Sime Darby Property Bhd, taking the helm.

Once completed, the Menara Warisan Merdeka will be over 600 metres tall compared with Petronas Twin Towers at 453m; Burj Khalifa at 829m; and Taipei 101 at 509m.

By Business Times

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