The Kuala Lumpur City Centre (KLCC) is poised to witness the rise of three new high-rise buildings near the Petronas Twin Towers.
Sources revealed that plans to develop the three towers are speeding up, with tender documents for sub-works set to be issued in a few months.
Complementing the twin towers, the new high-rise buildings will not be taller than the Petronas Twin Towers.
Although the developments are expected to bring in additional hotel, office and retail space into the Golden Triangle area, sources noted that Petroliam Nasional Bhd (Petronas), the ultimate shareholder, ensured that it will not suffer from any market risk.
Of the three towers, two are being jointly developed by Qatari Diar Real Estate Investment Co, which is Qatari Investment Authority’s investment arm, and KLCC (Holdings) Sdn Bhd, the unlisted parent company of the KLCC Stapled Group and fully-owned by Petronas.
One of the high-rise buildings will have an anchor in the form of a hotel group, while the second high-rise building will be an office block whose rental space will be underwritten partly by Qatari Diar, noted the sources.
Meanwhile, the third tower will serve as the new corporate headquarters of a local oil and gas group.
However, it is not clear if the third tower will be built on land owned by KLCC Holdings or on the remnant land of KLCC Property Holdings Bhd within the KLCC area.
KLCC Prop, in which Petronas owns a 75.46 percent interest, owns the remaining 5,726 sq m of commercial plot (Lot D1) adjacent to Mandarin Oriental Kuala Lumpur.
Previously, the company said it was in talks with potential tenants for a mixed-use development project.
“Lot D1 is still seeking an anchor tenant, although management does not foresee a taker in the near term,” said AllianceDBS Research analyst Marvin Khor in a report.
Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
