Hearsay tiger bank is moving their HQ to 118. Good news for Belfield buyers.

I city is another office for business continuity so a small % of each department is based there. Hearsay the current maybank tower is full since a few yrs back.

90% sold. Not bad at this price point.

Anyway let's look back at history.

How did eupe price novum during launch? I remember it was much more than any uoa project in BS

Even for the smallest unit price up more than 115k since first launch yet 90% total sales across all 3 blocks.

You think price will be lower upon VP?

Malayan Banking Bhd (Maybank) announced that it will be moving its headquarters to Menara Merdeka 118, the world's second tallest building owned by the bank’s largest shareholder Permodalan Nasional Bhd (PNB).

Maybank has entered into a 21-year tenancy agreement with PNB, consisting of an initial term of three years and renewal for a further six three-year terms.

The country’s largest bank by asset size will occupy 33 floors in Merdeka 118, and has been offered naming and signage rights over the building, confirming a report by The Edge Weekly on Aug 15.

Maybank, which is 39.85%-owned by PNB, said the monthly gross rent is RM10.60 per square foot (psf), subject to a variation subsequent to the first two terms or six years, in accordance with the terms of the tenancy agreement.

In regards to the existing Menara Maybank, the group has entered into a 10-year lease agreement with PNB to lease the property to the latter on a triple net basis, meaning all expenses of Menara Maybank, including maintenance, insurance, and all taxes will be borne by PNB.

Maybank is to receive a minimum guaranteed rental which is approximately equivalent to RM12.1 million per annum over the 10-year period. PNB may rent out Menara Maybank to sub-tenants.

“Should Menara Maybank be sold to a buyer secured by PNB within the term of the lease agreement or a period of up to 24 months after the expiry of the term of the lease agreement, at a price agreed by Maybank, the net proceeds will be shared between Maybank and PNB, in line with market practice,” said Maybank in a stock exchange filing.

“For the avoidance of doubt, Maybank itself may also secure a buyer for Menara Maybank,” it added.

In a statement on Monday, Maybank Group President and CEO Datuk Khairussaleh Ramli said the decision took into consideration the cost and benefit of upgrading Menara Maybank to meet, among others, operational and efficiency advantages, and the latest standards of sustainability.

“To do so would incur significant investments, not to mention the maintenance costs and the need to temporarily relocate our offices and employees into various locations within the Klang Valley. In addition, there would be various operational risks and business disruption to our customers,” he said.

Since Maybank is not in the business of property development, he said the bank saw it prudent to pursue the tenancy option while evaluating the best options for its current head office, Menara Maybank, which it owns and will become largely vacant with the move to Menara Merdeka 118.

All existing offices within Menara Maybank will relocate to the new building on a staggered basis starting in the first quarter of 2025. The KL Main Branch in Menara Maybank, however, will remain and there will be no impact to customers who have accounts in this branch.

Also relocating to Menara Merdeka 118 are selected Maybank subsidiaries currently based in Dataran Maybank, including Maybank Islamic, Maybank Investment Bank and Maybank Asset Management.

Maybank’s total occupancy of 650,000 square feet at Menara Merdeka 118 will be less than its current net lettable area of 1.09 million square feet at Menara Maybank in line with the bank’s strategy to use workspace optimally and smartly while incorporating social distancing measures among other SOPs, given its adoption of new age work practices of remote working, said the bank in the statement.

From the edge.

This post has been edited by Babizz: Sep 12 2022, 03:07 PM

For Belfield type A should be easy to rent out FF at 2.4k which is around 5% yield. Shouldn't be an issue after 118 & Maybank moves in.

Whether or not Belfield can command even 70% of opus rate for Airbnb is not the main thing.
Opus buyers have lost 6 digits in capital value, interest and maintenance fees for years of not being able to let out their unit while waiting for 118.



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Lowest price for lowest floor type A Block A was around RM575k nett without bumi or past buyer discount . If you ok to pay RM140k more with no HOC benefit for the same thing with minor improvement like different view and furniture then can go ahead.

This post has been edited by Babizz: Nov 16 2022, 09:39 AM

Developers need people with your mindset. Kipidap

If the said developer can't even build their Belfield project, what makes you think they can do this supertall skyscraper with no demand?

Hearsay block C 70% sold mean total 90% sold alrd

This post has been edited by Babizz: Dec 21 2022, 10:17 AM

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Merdeka 118 got office hotel and mall. Also got public transport via merdeka MRT and monorail.

All the major mix development same concept. I think both malls won't do very well

This post has been edited by Babizz: Jan 2 2023, 11:21 AM

So far i haven't seen the list of any anchor tenants in 118 mall.

Hearsay from sunway SA VP in Q1 2025.

I'm the owner of the telegram group. Pls PM me with your SnP

This will struggle in the subsale market as some early block A buyers paid around 580k. Block B type A only has a blocked view that will not be favored in the subsale and rental market.

Impressive. Many people including myself said won't sell well after they increase price so much after early early birdies.