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PNB's Menara MIDF sold to Singapore's MES Group

PERMODALAN Nasional Bhd (PNB) has disposed of the 21-storey Menara MIDF in Jalan Raja Chulan, Kuala Lumpur, to Singapore-based JD Hospitality Sdn Bhd. Sources say the deal, which took more than 18 months to complete from the time the building was first put up for sale, was done at RM140 million or RM875 psf.
The Edge has learnt that the new owner will retain the building as an office building but is likely to repurpose it as a hotel at a later stage. PNB’s wholly-owned subsidiary Malaysian Industrial Development Finance Bhd (MIDF), currently the sole tenant of the building, is scheduled to vacate the premises and relocate to Malaysia’s tallest tower PNB 118. Tenants are expected to begin moving into the building in the second half of 2022. ....

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