PNB Merdeka Ventures Sdn Bhd, Permodalan Nasional Bhd’s (PNB) subsidiary, has unveiled the Merdeka 118 Show Gallery in Jalan Sultan Ismail. The gallery allows visitors to see important features of Merdeka 118’s development site and connectivity in relation to other areas of Kuala Lumpur, as well as its technical aspects.
Having an area covering over 3.1 million sq ft of mixed-use development, Merdeka 118 and its components are scheduled to be completed in three phases, reported New Straits Times.
These include the highest observation deck in Southeast Asia that will be connected to the retail mall, the Park Hyatt Hotel, the landmark office development, a four-acre public park and three residential towers.
The precinct’s final piece is the Merdeka Residences consisting of three premium residential towers consisting of up to 800 apartments. It is targeted to be launched by end of 2020.
PNB group chairman Tan Sri Dr Zeti Aziz said the Merdeka 118 is poised to be a catalyst in revitalising the historic site of the former Merdeka Park beside Stadium Negara and Merdeka Stadium in Jalan Hang Jebat.
“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 historic 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.
She said PNB has prioritised plans to have the precinct fully activated all year round once finished, with possible partnerships and collaborations that will connect directly with and deeply 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 chairman revealed that Merdeka 118’s development, which included the mall and main tower (Phase 1 and Phase 2), was well within a RM5 billion budget.
“Of the total budget, PNB has utilised about 40 percent of RM5 billion allocation,” she noted.
Rizal Rickman Ramli, PNB executive vice president for property real estate, said the company expected to have a longer term to break-even for the entire development.
“This is an investment by PNB and not involved our funds. We have longer term horizon. There are various components in this development. Each component will have different timing to monetise it,” he noted.
He explained the time horizon depends on each component, emphasising that PNB would study each component’s timing regularly as the market progresses.
Image source from The Malaysian Reserve