Personally, I like Merdeka 118 Tower or PNB 118 or whatever name. The reason is the same as why I loved Petronas Twin Tower despite SOME people saying it’s a wastage… should use the money elsewhere etc etc etc. Anyway, Merdeka 118 Tower has now officially opened a show gallery and it’s in Jalan Sultan Ismail. Let’s not debate whether this will contribute to more office space and thus creating a glut. I have no idea if it will be fully leased out too, that’s some time in the future.
I prefer to ask you this question instead. If you are a new MNC and looking for a new office space and you happened to have been paying US$5 per sq ft in some city elsewhere, would you pay lower for an office like Merdeka 118. The answer is not a simple yes and no. It will also have to look at the connectivity, the building management and even the prestige of the building for example. Let’s face the truth, a major brand is unlikely to house themselves in an old building just to save cost. Coming back to Merdeka 118, read on yeah.
Article in nst.com.my PNB group chairman Tan Sri Dr Zeti Aziz said the Merdeka 118 is a catalyst to revitalise the historic site of the former Merdeka Park next to the Merdeka Stadium and Stadium Negara in Jalan Hang Jebat.
She said, “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 added, “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.”
Merdeka 118 has three phases and it comprises over 3.1 million sq ft of mixed-use development. These include the landmark office development, the highest observation deck in Southeast Asia which will be connected to the retail mall, the Park Hyatt Hotel, three residential towers, and a four-acre public park.
The final component of the precinct is Merdeka Residences that consists of three premium residential towers housing up to 800 apartments, which is expected to be launched by end of 2020. PNB executive vice president for property real estate, Rizal Rickman Ramli said that he believe there are still demand for a premium A product in commercial property segment. This is because the current supply for such products are running at more than 90 percent occupancy rate today. The article is a long one, please read here: Article in nst.com.my
My earlier views on office space here yeah: RM5.80 psf office rates. APAC rising yeah… It must always be seen in a wider context and the number of offices must be broken down into different grades of offices. Please… take out those which are very old and not well maintained ones please.
Seriously, even if companies were to save cost and takes up these rundown offices instead, I wish them all the best in hiring because I am not sure how many of their potential staff would still be thrilled to join them after attending an interview and having to walk from a dark car park or one where there are water dripping down from the ceiling or even one where the corridor looks… well… like those movies. There’s no need to smile. All these are real and are STILL listed as office space. Cheers.
<Featured Image is courtesy of Stock Photos from lcatnews>
Next suggested article: Retail and Office Supply in the Klang Valley. An Update.