Building tall landmarks had long been a source of prestige and national pride for Malaysia’s leaders, but the recent addition of another has PM Anwar Ibrahim suggesting there’s already enoughNew: You can now listen to articles.A quarter-century after the Petronas Twin Towers became the world’s tallest buildings and reshaped Kuala Lumpur’s skyline, Malaysia’s capital is continuing to add new skyscrapers despite growing doubts over the level of demand for property.
“If the money rules, this is what happens,” said Mustapha Kamal Zulkarnain, an architect who focuses on resilient cities. “We’re building as if nobody’s checking on the demand.”Malaysia’s leader has taken notice. In a speech last month, Prime Minister Anwar Ibrahim urged more focus on affordable housing, as well as shops and small restaurants.
Using big projects to portray power “was typical for Mahathir”, said Carmelo Ferlito, chief executive officer of the Center for Market Education, a Kuala Lumpur-based think tank.Merdeka 118 also holds nationalist symbolism.
In recent years, prices have largely plateaued and owners unable to sell their apartments are finding themselves with underwater mortgages. And yet, new buildings keep coming up. In Merdeka 118, PNB will itself occupy a large chunk of the 118 floors. It’s also signed up the country’s biggest lender Malayan Banking Bhd — which counts state-linked funds as some of its largest shareholders — as an anchor tenant. PNB agreed to pay a decade’s worth of maintenance of the bank’s current headquarters, among other costs, as part of the relocation deal.
‘I can live with it’: Malaysian who claims to be first to scale Merdeka 118 tower brushes off criticism