Permodalan Nasional Bhd (PNB) has sold the 21-storey Menara MIDF located at Jalan Raja Chulan, Kuala Lumpur for RM140 mil or RM875 psf. The buyer is Singapore based JD Hospitality Sdn Bhd.
It is likely that the new owner will retain the building as an office building but will repurpose it as a hotel in future. PNB’s wholly owned subsidiary Malaysian Industrial Development Finance Bhd (MIDF) is currently the sole tenant of the building and will be relocated to Malaysia’s tallest tower PNB 118 in 2H2022. MIDF’s lease expired last November but is likely to have been renewed given that it had a 2+1 year renewal option.
PNB acquired Menara MIDF in 2009 in a corporate exercise. The building has a Gross Floor Area (GFA) of 190,000 sf and Net Lettable Area (NLA) of 160,000 sf. The 41-year old building is located between Menara Affin and Holiday Inn Express in Jalan Raja Chulan. Previously known as Kompleks Kewangan, Marana MIDF sits on a freehold land measuring 36,382 sf or 0.83 acres. The building has 2 levels of basement parking with 208 parking bays.
The Holiday Inn Express next to Menara MIDF is the former Menara ING office building that was sold for RM132.34 mil in 2015. It is now positioned as a hotel after a makeover.
Property Name: Menara MIDF
Gross Floor Area: 190,000 sf
Net Floor Area: 160,000 sf
Building Efficiency: 84%
Transaction Value: RM140 mil (RM875 psf NLA)
Seller: Permodalan Nasional Berhad
Buyer: JD Hospitality Sdn Bhd