KUALA LUMPUR (Dec 23): Permodalan Nasional Bhd (PNB)’s Merdeka 118 tower is 100% owned by the fund via its wholly-owned subsidiary PNB Merdeka Ventures Sdn Bhd and the mega project is not funded by the Amanah Saham Bumiputera (ASB) unitholders, according to PNB president and group chief executive Ahmad Zulqarnain Onn.
Zulqarnain added the equity injection for the Merdeka 118 tower project is obtained by its own proprietary fund and it is supported by issuance of sukuk funds in 2016.
“In 2016, we launched Sukuk SRI Hijau Merdeka ASEAN programme and Sukuk Murabahah Merdeka,” he said during the virtual press conference on ASB dividend announcement on Thursday (Dec 23).
Earlier in November, Zulqarnain said construction of Menara Merdeka 118 had reached 85% completion, with the tower floor installation having reached Level 118, and the glass panel installation having been fixed up to Level 114.
Spanning over 3.1 million square feet of floor area, the Merdeka 118 tower includes 1.7 million square feet of net lettable area of Premium Grade-A rentable office space.
The top 17 floors will house the first and only Park Hyatt Hotel in Malaysia. To create a unique experience for visitors, the tower includes features such as The View at 118, the highest observation deck in Southeast Asia, as well as the glass-domed 118 Mall within the podium of the tower.
The Merdeka 118 tower now stands as the second tallest building in the world behind the Burj Khalifa in Dubai, United Arab Emirates and the tallest building in Southeast Asia at a height of 678.9 metres.