End of an era: As Maybank moves into Merdeka 118, what’s next for its iconic former home?
KUALA LUMPUR, Oct 18 — Malaysia’s first homegrown bank, Maybank, has officially moved into the world’s second-tallest and the country’s tallest building, Merdeka 118.
Maybank will occupy 33 floors of the 118-storey skyscraper, which will house almost 6,000 employees.
However, Maybank has already been moving into its new home in stages since the start of the year.
Also relocating to Menara Merdeka 118 are several Maybank subsidiaries currently based in Dataran Maybank, including Maybank Islamic, Maybank Investment Bank and Maybank Asset Management.
Meanwhile, the Maybank Numismatic Museum is being shifted to Maybank’s first-ever branch at Jalan Tun HS Lee.
Why the move?
Maybank had been searching for a new head office since 2019 and considered several options, including refurbishing the 37-year-old Menara Maybank.
However, the tenancy option at Merdeka 118 grants Maybank naming and signage rights over the world’s second-tallest building — strengthening its visibility as Malaysia’s largest bank by asset size.
The relocation also allows Maybank to save on the maintenance costs of Menara Maybank’s upkeep, temporary relocation expenses during refurbishment, and potential service disruptions.
In 2022, Maybank signed a 21-year tenancy agreement with Permodalan Nasional Berhad (PNB) — for an initial term of three years, with the option to renew for six further three-year terms.
PNB owns Merdeka 118 through its wholly-owned subsidiary, PNB Merdeka Ventures Sdn Bhd.
What’s next for Menara Maybank?
Despite being largely vacant now, the 37-year-old tower is not headed for a swansong yet, as Maybank’s Kuala Lumpur main branch will continue operating there for now.
Maybank has leased Menara Maybank to PNB for 10 years on a triple net basis, meaning PNB will bear all expenses related to the building, including maintenance, insurance and taxes.
The agreement also allows PNB to rent out Menara Maybank to sub-tenants or to sell the property if it benefits both parties.
For now, PNB will continue to maintain Menara Maybank as an office building while seeking new tenants or owners.
Constructed between 1984 and 1988, Menara Maybank stands on the site once known as Weld Hill (or Court Hill), where Kuala Lumpur’s first court building was constructed by the British in the 1880s.
Designed by renowned Malaysian architect Hijjas Kasturi, the 55-storey building is 244 metres tall — nearly half the height of the Petronas Twin Towers.
It briefly held the title of Malaysia’s tallest building from 1988 until the Petronas Twin Towers surpassed it in 1998.
[Source: Malay Mail]
