Should Kuala Lumpur have more purpose built office buildings? My answer is Yes. My reason is because I have visited so many dilapidated and old office buildings in Kuala Lumpur and I seriously think the owners of these buildings must refurbish them or they will soon lose out when the newer buildings come up and offers a competitive rental rate. Some of these old building’s car parks have water dropping down the whole day in certain spots and some car park spots are ‘unparkable’ because of it! I mean, how many car owners would want to risk parking underneath a water dripping ceiling for 8 hours? Plus, how many of us are in awe when we visit the Petronas Twin Tower? (which is still the TALLEST twin tower in the world) Well, we will have another place to visit in 2021.
Article in edgeprop.my here. Permodalan Nasional Bhd’s (PNB) Menara Warisan Merdeka development includes the iconic Merdeka PNB118 (630-meter tower vs 459.1 metres for Petronas Twin Towers) which will house PNB group of companies, a retail mall, residential apartments and condominiums, as well as a commercial building. President and group chief executive officer Datuk Abdul Rahman Ahmad said the construction of the 118-storey PNB118 Tower is underway at the 61st floor. (only 27 storeys away from 88-storey Petronas Twin Towers) He expects 78% of the building to be completed by year-end. Ringgit fluctuation will not affect construction as the cost has been locked with the contractor, seeing as it is a fixed-price contract. On the existing PNB building, he said it needs refurbishment. Article in edgeprop.my here.
Will there be oversupply of purpose-built office buildings then? (Image below) As per the latest statistics from JPPH Malaysia, the overall occupancy for offices in KL is 80% (as at 2018). Again, I repeat. I hope that these numbers should also distinguish between good office buildings (meeting minimum expectations) vs those which are already in need of a major refurbishment so that we could see clearer whether more new office space is needed or is there indeed a need to stop building new ones and just push everyone to occupy the old ones instead.Happy understanding.
Article written and edited by Charles. News article summarised by Dina Batrisyia.
<Featured Image is courtesy of Stock Photos from Md Aziman >
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