Excuse me, I have $$$ vertigo!
Are you reeling in shock from the disclosure that Permodalan Nasional Berhad (PNB) will build Malaysia’s tallest building near the historic Merdeka Stadium at a cost of about RM5 billion with completion expected in 2015?
At this early stage, there has been no information as to the height for the 100-storey ‘supertall’ building but clearly, it can never surpass the current world’s tallest building — the 160-storey Burj Khalifa, which stands at a towering 828m.
When the PM announced this news on Friday, he said HERE that “We take pride in our national icon, the Petronas Twin Towers. It signifies the spirit of ‘Malaysia Boleh’. Another landmark to be developed by PNB is Warisan Merdeka,” said Prime Minister Datuk Seri Najib Razak during the tabling of the 2011 Budget in Parliament today.
Many of us must be plagued with many questions including:
1) Where is the source of $$$ for this colossal project?
2) Why is there no mention in the budget as to how our country is going to settle our National Debt which has ballooned from 40 per cent of the GDP to 52 per cent today at RM363 billion (according to MP Tony Pua HERE)?
3. Did you know that this 100-storey building was not birthed overnight? On Dec. 7th 2009, The New Straits Times was quoted HERE that 100-storey skyscrapers (were) planned for Kuala Lumpur? I cannot locate the original report in NST as I do not have access to the archives.
As far back then, the three sites in the city had been identified for the development of iconic structures to spur growth in the economy supposedly Dataran Perdana in Jalan Davis, the area surrounding Stadium Merdeka and the vicinity of the Matrade Centre in Jalan Duta.
That report sated that all the plots of land are privately owned. Two belong to government-linked companies – Pelaburan Hartanah Bumiputera Bhd and Permodalan Nasional Bhd (PNB) – while the Naza group owns 25ha in the vicinity of the Matrade Centre. The report also cited that “While it is understood that the design for such a skyscraper is included in the original development master plan for the 25ha site around the Matrade centre, another source claimed that a 100-storey building is to be built near Stadium Merdeka, owned by PNB.“
Even at that time, Bank Islam Malaysia chief economist Azrul Azwa had said that “The key thing is the huge cost of the development and what the government’s role will be in this. The report also said that according to RSP Architect’s Hud Bakar, a 100-storey building, on average, would cost 50 per cent more per square foot than a normal high-rise building, depending on the actual design.
So why is there a necessity to build a 100-storey building knowing full well that the rental would be 50% more than that of other buildings? There is simply no logic at all!!!
