Skydecks: More than just a million-dollar view

Hundreds of visitors queue beneath the PETRONAS Twin Towers each morning, waiting for their allotted time to cross the iconic Skybridge. Every 15 minutes, another 42 people are admitted, before the next group follows. By day’s end, more than 2,000 visitors could have passed through one of Malaysia’s most recognisable buildings.

But while the Twin Towers were originally built as office buildings, they have evolved into a tourism asset as well.

Around the world, landmark developments are generating income not just from tenants but from the experiences they sell. Observation decks, skywalks, rooftop parks and even extreme climbing adventures are turning buildings into attractions in their own right.

So, as developers look for new ways to extract value from these completed assets, the question is no longer just how much space a building can lease but how many people it can attract.

An example of a highly monetisable experience

For decades, developers traditionally made money from buildings through office leases, retail rentals, hotel rooms or residential sales. Once a project was completed, the focus was on maintaining high occupancy and preserving asset value.

Now, a growing number of landmark developments are trying to earn from something less tangible, which is the experience of being there.

The PETRONAS Twin Towers are a classic example. They are now one of Malaysia’s most successful monetisable property assets. Visitors pay for access to the skybridge and observation deck, buy souvenirs, take commemorative photos and spend money within the wider KLCC ecosystem.

Observation decks, skywalks and even extreme climbing challenges are turning architecture into a second revenue stream that can continue generating income long after construction is completed. Yet, the idea is not entirely new.

KL Tower (Menara Kuala Lumpur) has long combined its telecommunications role with tourism through its observation deck, Sky Box and Tower Walk attractions.

What is changing is the scale of the opportunity and the way developers are beginning to treat these experiences as part of the asset strategy rather than an add-on.

Merdeka 118 is the latest example. Its planned observation facilities and Spire Climb experience show how Malaysia’s tallest building is being positioned as a commercial tower and a tourism product.

The strategy mirrors cities such as New York, Dubai and Singapore, where access to the top of a landmark building has become a ticketed attraction in its own right.

The psychology behind experience-seeking

A visitor who pays to climb a tower is not just paying to see the views. They are paying for exclusivity, the adrenaline rush and the social currency of saying they have done it. This distinction matters because experience- based attractions often command higher margins than traditional property uses.

Internationally, the numbers have become significant enough for developers to design entire visitor experiences around them.

New York’s Edge features glass floors and outdoor sky decks. Dubai’s Burj Khalifa and Singapore’s Marina Bay Sands SkyPark have become major tourism businesses attached to larger mixed-use developments.

These attractions generate revenue through tiered ticket pricing, premium access packages, merchandise, photography services and food and beverage offerings. In other words, the building itself becomes a platform for multiple income streams.

Experience-led real estate

However, not every attraction needs a ticket counter. At The Exchange TRX, the rooftop park is free to enter. Yet, it still creates value by drawing visitors who stay longer, dine, shop and contribute to overall footfall.

In retail real estate, that extra dwell time can be just as valuable as a ticket sale. A family that spends an additional hour at a rooftop park is more likely to buy coffee, have a meal or make an unplanned purchase.

Higher footfall also strengthens the mall’s appeal to tenants and supports rental performance over time.

It is at this point that this monetisation strategy becomes extra interesting because developers are not looking at only rental per sq ft anymore. They are also asking how many people a building can attract, how long they will stay and how much they are likely to spend once they arrive.

A rooftop park can support retail sales. An observation deck can create recurring tourism income. A signature attraction can strengthen a development’s brand and make its office and retail space more desirable.

Property consultants increasingly refer to this as experience-led real estate where placemaking becomes a commercial strategy, rather than simply an urban design exercise.

The need to differentiate

As Malaysia’s major cities become more competitive, developers need stronger differentiators. Office tenants have more choices, retail spending is more fragmented and new mixed-use projects are constantly entering the market.

A memorable attraction gives a development something that cannot be easily replicated by the building next door. It also creates marketing value.

Visitors who post skyline photos, rooftop selfies or videos of a climbing challenge effectively become unpaid advertisers for the development.

In an era where social media visibility can influence travel decisions and consumer behaviour, that exposure has real commercial value.

Of course, turning a building into an attraction is not cheap.

Operators need dedicated lifts, security screening, staffing, insurance, cleaning and maintenance. Crowd management becomes a daily operational challenge, especially for high-profile landmarks.

Safety standards are also far stricter when members of the public are given access to elevated or restricted areas.

The experience must be compelling enough for visitors to choose it over countless other entertainment options.

Operators also need a steady flow of tourists and local visitors to make the economics work. That is why not every tall building will become a successful attraction.

The assets that tend to perform best are those with a combination of iconic architecture, a central location, unobstructed views and a significant, established ecosystem of retail, hospitality and public spaces.

The bigger question now is whether Malaysia is witnessing the emergence of a new category of property asset that functions simultaneously as real estate and an attraction.

If a landmark tower can collect rent from office tenants, draw thousands of paying visitors each day, host private events, boost surrounding retail spending and strengthen the value of the wider development, it is operating like a business platform.

For developers facing rising construction costs and increasing competition, that may be the next frontier of property monetisation.

The challenge is no longer just building taller towers or larger mixed-use projects. It is creating places that people are willing to fork out money to experience, return to and talk about long after they leave.