Group President and CEO of Maybank Dato’ Khairussaleh Ramli and PNB President and Group Chief Executive Ahmad Zulqarnain Onn at the signing ceremony. will move its corporate head office from Menara Maybank in Jalan Tun Perak to Menara Merdeka 118 in stages starting from the first quarter of 2025.
“We have to go through the process of seeking approval from the regulatory authorities, as well as other authorities to get the name approved later,” he said at a media briefing after the tenancy agreement signing ceremony with PNB president and group chief executive Ahmad Zulqarnain Onn at Menara Maybank yesterday.
Meanwhile, Maybank stated that for the first six years, the tenancy agreement translated to an effective monthly rental rate of RM8.92 per sq ft, which is lower than the gross rent and within the fair market rates of RM8.48 and RM8.93 per sq ft as assessed by the independent valuers.“We believe the amount is manageable. Based on this number , it’s going to be less than 1% . But the goodwill that we will gain from this move will be quite sizeable, and in fact, immeasurable,” said Khairussaleh.
Khairussaleh pointed out that the lease agreement allowed Maybank to realise rental income while deferring the disposal of Menara Maybank to a later date when the real estate market further recovered.“We don’t have any urgency to sell, to start with. What is important for us is to make sure that when we leave this building, there will be people who will rent this place,” said Khairussaleh.
Regarding the progress in talks with Menara Merdeka 118’s prospective tenants, Ahmad Zulqarnain said, “Based on the signing today and also with other tenants where we are in advanced discussions, we expect that we are at 73% in terms of occupancy rate for the tower.”
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