An October 2017 filepic of the Merdeka 118 development
KUALA LUMPUR: PNB Merdeka Ventures Sdn Bhd said the Merdeka 118 development in the Stadium Merdeka 14-acre land will offer an alternative to the Kuala Lumpur City Centre (KLCC) location.
"We are offering an option to KLCC," said CEO Tengku Datuk Abdul Aziz.
He said Park Hyatt will take up 17 floors at the top as a premium hotel.
"So there are only 83 floors of office space and PNB will take up half of that. We have mitigated concerns regarding the oversupply of office space," he said at the Rehda Institute-organised Annual Property Developers Conference.
He said a company setting up their office "will have to go there" as the entire project has catalytic attractions.
The floor areas average about 20,000 sq ft with the possibility of being divided into quadrants.
A large company can take up a few floors while smaller companies can take up a quarter of the floor, he said.
Ab Aziz did not say how much the rent is per square foot. The building is scheduled to complete by 2021.
Over at the Tun Razak Exchange, Indonesian Mulia Group's asking rent has dropped from RM17 psf to between RM11 and RM12 psf.
The Klang Valley is facing an oversupply of office space of 120 million sq ft.
About 4.3 million sq ft of office space will be completed next year, of which 2.6 mil sq ft will be from Mulia's Exchange 106 in TRX.
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