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PNB's Merdeka 118 tower ready for tenancy in H2 2022

KUALA LUMPUR: The iconic Merdeka 118, formerly known as KL118, is on track for completion by June 2022 and ready for occupation in the second half of the year, according to Permodalan Nasional Bhd (PNB).

PNB group chairman Tan Sri Dr Zeti Aziz said despite construction of the tower were halted during the Movement Control Order (MCO), it would only affect two to three months of extension to complete the project.

As per the requirements of the MCO, the Merdeka 118 construction site was shut down during the first three phases of the cordon sanitaire and gradually reopened from May 13 last year.

"The construction has reached level 118, with facade at level 99. We are very pleased with this progress," Zeti told reporters at PNB's financial year 2020 virtual briefing today.

PNB president and group chief executive officer Ahmad Zulqarnain Onn said the group was in advanced discussions with a number of large domestic and international corporations on being co-anchors of the building.

"We do have a significant portion of the high floors being taken up by the Park Hyatt that will open next year. 

"With the advanced discussions that we have with a number of potential tenants, we are fairly confident that when we do open the building, the occupancy rate will be very healthy for the tower," he said.

The Merdeka 118 precinct is developed and funded by PNB Merdeka Ventures Sdn Bhd, a wholly-owned subsidiary of PNB, the country's biggest asset manager.

In September 2016, PNB Merdeka had said the project was progressing within the budgeted RM5 billion.

PNB and its subsidiaries reportedly will take up 42 floors of Merdeka 118, while 14 floors are for amenities. 

Four floors will become observation decks and another 41 floors are for office rental.

The upper 17 floors of the tower will house Park Hyatt Hotel Kuala Lumpur, operated by Hyatt Hotels Corp. 

A signing ceremony between PNB Merdeka Venture and Hyatt Hotels was held in February 2018.

The five-star hotel will have 232 guest rooms, 28 suites, and 30 serviced apartments.

This leaves about 20 per cent of the total space of Merdeka 118, or about 500,000 sq ft, open for leasing.

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