PNB Merdeka Ventures Eyes More Global Brands From India, China And West Asia - CEO
By M.Saraswathi
KUALA LUMPUR, Sept 1 (Bernama) -- PNB Merdeka Ventures Sdn Bhd is stepping up efforts to attract more global brands from India, China and West Asia to its flagship Menara Merdeka Maybank, chief executive officer Datuk Izwan Hasli Mohd Ibrahim said, citing the building’s strong commercial value.
“In fact, we are in the process of signing with two global brands in the financial and technology sectors,” he told Bernama in a recent interview.
Menara Merdeka Maybank comprises a single tower with 84 floors of office space, a 17-floor luxury hotel and a three-floor observation deck, a seven-floor retail mall adjacent to the tower, two residential towers as well as one serviced apartment building.
To date, about 70 per cent of the 1.64 million sq ft of net lettable area has been sub-leased, with Maybank being the principal anchor tenant, occupying 33 floors or about 40 per cent of the total office space.
Permodalan Nasional Bhd, Bank of America, Copenhagen Infrastructure Partners and Park Hyatt, as the hospitality tenant, are the other tenants currently occupying space in the tower.
Besides the two new global brands whose names Izwan kept under wraps, he noted that the crisis in West Asia could drive some companies with regional offices there to shift their operations to Malaysia and potentially to Menara Merdeka Maybank.
“Kuala Lumpur’s value proposition, namely world-class build quality, a predictable regulatory environment and strong value advantage, is resonating with companies recalibrating their regional footprints.”
“Malaysia offers exceptional value. For what investors pay, they gain access to a premium build, efficient operations and a full precinct experience, namely offices, retail, culture and connectivity in the heart of Kuala Lumpur,” said Izwan, who was appointed to the position earlier this year.
Hence, PNB Merdeka Ventures is banking on a four-pillar strategy, namely an office ecosystem, an event engine centred on Stadium Merdeka and Stadium Negara, tourism anchored by its observation deck at Level 118, and well-connected mobility.
PNB Merdeka Ventures is also the landowner and custodian of Stadium Merdeka and Stadium Negara, both of which are listed as National Heritage Sites.
He said the precinct’s growing weekday community is expected to comprise about 10,000–11,000 workers, anchored by leading financial and technology firms.
“As for events, Stadium Merdeka can hold up to 20,000 people while Stadium Negara, which is on track to be refurbished, can accommodate between 8,000 and 10,000 people,” said Izwan, who has leadership experience across prominent Malaysian companies such as Petronas, KLCC Group of Companies and Putrajaya Holdings.
Izwan said the office tower is expected to generate annual net property income of about RM160 million within two years, in line with MARC Ratings’ forecast.
On other developments, he said the retail mix is progressing towards key milestones, with 118 Mall on track to open in November.
“Tenants are curating heritage-forward concepts, from design motifs to product narratives, in line with the development’s identity as a contemporary hub rooted in national culture.
The mall’s anchor tenants are Village Grocer and Makanism Foodhall, alongside international and local fashion, lifestyle and food and beverage brands.
Other retailers include Adidas, Aldo, Converse, Foot Locker, Guess, Lacoste, Benjamin Barker, Chagee Signature, Nara Thai and Honolu Ramen, as well as family- and lifestyle-focused brands such as Babyshop, Best Denki, BookXcess and Happikiddo.
The mall will also feature a dedicated Malaysian Artisan District showcasing local brands including Banglo 289, Batik Boutique, Bayu Somerset and Cookiecrumbs.
-- BERNAMA