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Thursday, 30 August 2012

Malaysia - PNB Gets Nod For Tallest Tower In Malaysia

August 30, 2012

    After receiving the go ahead, Permodalan Nasional Bhd (PNB) is gearing up to commence development of the RM 5 billion Warisan Merdeka project, which will include a 100-storey tower.

    The Kuala Lumpur City Hall (DBKL) has given the nod of approval for a residential-cum-commercial project that will result in the construction of Malaysia's tallest tower.

    The Warisan Merdeka project, with an estimated cost of RM 5 billion, will be undertaken by PNB, which announced it had received the development order for the 100-storey Menera Warisan Merdeka - the property's most iconic component that will boost Kuala Lumpur's status as a world-class skyscraper city.

    Tan Sri Hamad Kama Piah Che Othman, president and ceo of PNB said that the development order comes with several conditions, including legal ones.

    "We are studying the terms in order to fulfil them. We must ensure proper planning because the development order is approved with conditions," he said.

    Warisan Merdeka, which features a condominium and shopping complex, will be developed over three phases. Expected to span 10 years, the project's construction will begin with the 100-storey tower.

    Said to be the tallest tower in Malaysia, the iconic building is set to be completed in 2015. Once completed, the tower will have a net floor area of 2.2 million sq ft over gross floor area of three million sq ft. It's gross development value is estimated at between RM 2.5 billion and RM 3 billion.

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