KUALA LUMPUR: The three phases of the Warisan Merdeka development, the first phase of which includes the iconic Merdeka PNB118 Tower and a retail mall, will cost RM7 billion.
Permodalan Nasional Bhd (PNB) president and group chief executive officer Datuk Abdul Rahman Ahmad said that out of the RM7 billion, the first phase's gross development value stands at RM5 billion.
"We are expecting the overall Warisan Merdeka project to cost RM7 billion.
"The first phase will consist of the iconic Merdeka PNB118 Tower and a retail mall, the second phase will include residential apartments and condominiums, and the third phase comprises other commercial buildings," he told reporters at the concrete pouring for the raft foundation of Merdeka PNB118 Tower here today.
Abdul Rahman said the massive, high-impact project is expected to create 10,000 jobs initially, and even more employment in the post-completion phase when businesses start operating.
The RM5 billion Merdeka PNB118 Tower will house PNB's group of companies (occupying over 60 floors), with 23 floors of lettable commercial space and a 16-storey luxury hotel, as well as multiple sky lobbies and observation decks.
PNB is the owner of the Merdeka PNB118 Tower project, while PNB Merdeka Ventures Sdn Bhd, a PNB-owned unit, is the project owner and developer.