Globalisation and the economic expansion of Malaysia have attracted many international businesses, especially in the service sector, to Malaysia. 

JLL Malaysia's new report "A new CBD in the making" discusses the visual transformation of Kuala Lumpur's Central Business Districts with the establishment of the Petronas Twin Towers, and how new development, PNB 118 is set to change the landscape once again.

Traditional CBD

Before the iconic Petronas Twin Towers were built, the 1995 Kuala Lumpur City Centre Master Plan saw the transformation of the "old" Kuala Lumpur into a world-renowned sub-market. 

The presence of the Petronas Twin Towers within Kuala Lumpur has attracted demand for commercial space especially Grade A office buildings, for both local and foreign MNC's in the oil and gas industry as well as the financial industry. 

This demand acted as a catalyst for the growth of skyscrapers within the city. 

Currently, there are 16 high-end mega skyscrapers slated for completion by 2020, with the most prominent being the Exchange 106 and PNB 118. 

According to JLL, the Exchange 106 will be one of the tallest buildings in Kuala Lumpur upon completion, and PNB 118 will overtake the height ranking on KLCC, making it the tallest building in Malaysia. 

PNB 118 Tower

Upon completion, the PNB 118 will eclipse the height of the Petronas Twin Towers. The 118-storey tower, built by owners Permodalan Nasional Berhad (PND), will stand at 635 metres tall with an estimated gross development value of MYR 3.5 billion. The height will make PNB 118 the third tallest building in the world. 

From a tourism perspective, PNB 118 will redefine Kuala Lumpur's skyline, and like its predecessors, Menara KL and the Petronas Twin Towers, the upper levels of PNB 118 will include an observation deck - the highest in South East Asia. It will also have a sky lobby, restaurants, and unparalleled views of Kuala Lumpur. 

Another specialised feature, the elevators will offer a truly unique experience. Made of glass and steel, visitors will be able to watch the Kuala Lumpur skyline extend as they are elevated. 

PNB 118 tower will also add 1.8 million square feet of office space to the market. 

Gregory Wong, Assistant Manager for Research and Consultancy at JLL Malaysia says, "Skyscrapers have a powerful role in revamping the physical landscape of a city, transforming the skyline and catalysing urban growth. The birth of yet another iconic building, PNB 118, is set to regenerate the older part of the city centre and bring the real estate landscape in Kuala Lumpur to new heights.

"The development will bring office and retail space as well as residential developments. All of these components, which enable people to live, work and play, further strengthened by the well-planned accessibility and connections, are in line with the lifestyle expectations of the millennial workforce generation and the nation's ambition to enhance the city's livability. 

"We are currently witnessing the rise of the next CBD, the imminent success of PNB 118," Wong concluded.  

Source: JLL Malaysia - A new CBD in the making

This article was originally published on RETalk Asia.

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