Permodalan Nasional Bhd (PNB) expects Phase 1 and 2 of the iconic Merdeka 118 precinct to be ready by the second quarter of 2022 instead of end-2021 as initially targeted.
This comes as works at the project had been delayed due to the government’s Movement Control Order to curb the spread of Covid-19.
The project is funded by PNB’s wholly-owned subsidiary PNB Merdeka Ventures Sdn Bhd (PNBMV).
Ahmad Zulqarnain Onn, PNB President and Group Chief Executive, revealed that Phase 3, which features three residential towers, is set for completion in 2024/2025.
“We are currently at Phase 1 of the development that involves the Merdeka 118 tower and the surrounding infrastructure. Our concrete core structure has reached its peak at Level 118 and our tower facade has reached Level 82,” he said.
“It is envisioned that the Level 118 floor slab will be completed at the conclusion of 2020. Insha’Allah, we will be planning for our ‘topping out’ ceremony to commemorate the Merdeka 118 tower reaching its peak level of 118 storeys high, Malaysia’s tallest building and the second tallest tower in the world.”
As of October this year, the tower is 60% completed, he said.
He added that the project is presently at the beginning stage of Phase 2 which will feature the retail mall as well as Merdeka Boulevard @ 118 linear park.
As per the MCO’s requirements, the project’s construction site was shut down during the cordon sanitaire’s first three phases and gradually reopened from 13 May 2020.
Ahmad Zulqarnain shared that the developer is adhering strictly to the standard operating procedures set by the Construction Industry Development Board (CIDB) and the International Trade and Industry Ministry.
“Through preliminary review, this has set a two to three months’ extension to the completion time of the project,” he said.
He also revealed plans to defer the residential towers’ launch, from end-2020 to Q4 2021.
Commenting on the occupancy of the project’s office spaces, Ahmad Zulqarnain said PNBMV was in advanced negotiations with potential tenants, adding that the company will continue to seek more investors.
“Given the current global pandemic and economic situation, we understand that it will be a challenging time ahead for us within the property market… However, we see this as an opportunity to shift gears to be able to cater to the ‘changed’ office space demands that the new norm requires,” he said.
Aside from being an extraordinary fusion of Kuala Lumpur’s historic and contemporary architecture, Merdeka 118 is also set to be Malaysia’s first building to achieve triple green building platinum accreditations both locally and internationally – namely the Green Real Estate, the Green Building Index, and the Leadership in Energy and Environmental Design.
It will also feature a tower overlooking two of Malaysia’s national landmarks – Stadium Negara and Stadium Merdeka, where the country’s independence was declared in 1957 – among other components.
Notably, the project will include a retail mall; an observation deck; Park Hyatt Kuala Lumpur; Merdeka Boulevard @ 118 Linear Park; Look @ 118 – a cafe with an ‘Instagrammable’ view; a mosque that could house up to 3,000 people; Merdeka Residences as well as a childcare centre.
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