MERDEKA 118 GALLERY OPENS
Landmark mixed-use development set to revitalise surrounding area, says Zeti
PERMODALAN Nasional Bhd’s (PNB) subsidiary, PNB Merdeka Ventures Sdn Bhd, opened the Merdeka 118 show gallery, here, yesterday.
PNB group chairman Tan Sri Dr Zeti Akhtar Aziz said the Merdeka 118 precinct would revitalise the area next to Stadium Merdeka and Stadium Negara.
“This precinct not only embodies our culture and legacy of independence but also our evolution and future, given the union of contemporary architecture and the history in this area.
“The tower spire aptly personifies our vaulting aspirations towards our future, for Malaysia as a nation and for PNB as a company.”
She said PNB planned to activate the precinct all year round once it was completed, with potential collaborations and partnerships that would involve the neighbouring community.
“It is our hope that it will draw visitors and reflect the personality and spirit of the Merdeka 118 precinct, bringing a positive impact to other parts of Kuala Lumpur,” she added.
The show gallery allows visitors to preview important features of the Merdeka 118 development in relation to other parts of the city, as well as the technical aspects.
Zeti said the development of Merdeka 118 was within the RM5 billion budget, including for the mall and the main tower (Phase 1 and Phase 2).
“PNB has used about 40 per cent of the allocation.”
Comprising more than 3.1 million sq ft of mixed-use development, Merdeka 118 has three phases.
These include office development, the highest observation deck in Southeast Asia which will be connected to the retail mall, Park Hyatt Hotel, three residential towers and a public park.
The final component of the precinct is Merdeka Residences, which consists of three premium residential towers housing up to 800 apartments, which is expected to be launched by the end of next year.
Zeti said PNB had initiated innovative ways to overcome the overhang in the commercial property market.
“That is something that we take into consideration. We have several strategies for this significant supply that is coming on stream.”
PNB executive vice-president (property real estate) Rizal Rickman Ramli said Merdeka 118 would breathe new life into the community.
“Having commenced construction in 2016, the Merdeka 118 tower is 38 per cent complete.
“Upon completion in 2021, the 118-storey tower, at a height of 635m, will be a new landmark complementing the Kuala Lumpur skyline.”
He said PNB expected to have a longer term horizon in terms of breaking even for the entire Merdeka 118 development.
Rizal said PNB believed there was still demand for premium commercial property.