PNB expects a healthy occupancy rate at Merdeka 118

KUALA LUMPUR: The upcoming Merdeka 118, formerly known as KL118, is on track to be completed by the second quarter (Q2) of 2022, according to Permodalan Nasional Bhd (PNB) group chairman Tan Sri Dr Zeti Aziz.

Despite facing a delay in the construction process during the Movement Control Order (MCO) that started on March 18 last year, Zeti expected at least two to three months of extension for the project.

"The building has reached level 118, with a facade at level 99. We are very pleased with this progress," she told reporters after PNB's financial year 2020 virtual briefing on Thursday.

Meanwhile, PNB president and group chief executive officer Ahmad Zulqarnain Onn said the group is currently in advanced discussions with a number of “large” domestic and international corporations on being a co-anchor together with PNB for the Merdeka 118 building.

"We have a significant portion of the high floors being taken up by the Park Hyatt Hotel that will open next year.

"In addition, with the advanced discussions with a number of potential tenants, we are confident that when we do open the Merdeka 118, the occupancy rate will be very healthy," he said.

PNB and its group of companies will be taking up a total of 22.5 floors, that is equivalent to about 600,000 sq. ft. PNB will occupy 17 floors and its group of companies will occupy the remaining 5.5 floors.

The upper 17 floors of the tower will house Park Hyatt Hotel Kuala Lumpur, operated by Hyatt Hotels Corp.

The five-star hotel will have 232 guest rooms, 28 suites, and 30 serviced apartments.

This leaves about 20% of the total space of Merdeka 118, or about 500,000 sq ft, open for leasing.