TM does not own Menara TM; relocating majority of its corporate offices

KUALA LUMPUR: Telekom Malaysia Bhd (TM) is a tenant of Menara TM, located at Jalan Pantai Baharu, KL.

“TM does not own the said building, and is not involved with its intended sale by the property's owner, Menara ABS Bhd (MABS),” TM said in a statement.

“The company is currently in the process of relocating the majority of its corporate offices into its TM-owned properties, including TM Annexe 1 and TM Annexe 2 as well as its properties in Cyberjaya, as part of the company’s optimisation programme to enable greater efficiency and agility, and to accommodate hybrid working conditions,” it added.

Menara TM, one of the country's most iconic buildings, has been put on the market for an undisclosed price, according to an advertisement in StarBiz today.

The sale is being conducted via expression of interest and the closing date for the sale’s first stage is at 12pm on March 18.

The 55-storey freehold iconic tower was completed in 2001 and is located along Jalan Pantai Baharu, Kuala Lumpur.

It comprises a total of 989,000 sq ft of the building consisting of office towers, while 92,431 sq ft comprise convention centres, multi-purpose halls, a sports complex, mosque and helipad, among others.

Menara TM Semarak and Wisma TM Taman Desa are also up for sale, according to a separate statement by CBRE|WTW.

Menara TM Semarak is a 22-storey with an annexed six-storey office building and five levels of basement car park.

Wisma TM Taman Desa is a 12 and a 1/2-storey office building together with two levels of basement car park situated in the commercial area of Taman Desa.

MABS is a trust-owned, special-purpose vehicle incorporated solely for a sale-and-leaseback transaction involving four properties in 2008. Three of which are Menara TM, Menara TM Semarak and Wisma TM Taman Desa.

“The properties are held under a 15 year master lease agreement with TM. The properties form part of the portfolio of Islamic sale and leaseback transaction involved in the issuance of Islamic asset-backed Sukuk Ijarah (ABS Fund).

“The ABS Sukuk Holders have signed a Master Ijarah Agreement and invested into the ABS fund which is due to expire on Jan 15, 2023,” CBRE|WTW said.

CBRE|WTW is the appointed exclusive marketing agent offering the office towers for sale via an expression of interest and tender exercise.