Former Maybank HQ Menara Tun Perak marketed for investment, alternative uses floated
Menara Tun Perak, Maybank’s former 55-storey headquarters in central Kuala Lumpur, is being marketed for full or partial investment by Knight Frank Malaysia and CBRE|WTW. The advisers highlight potential alternative uses including hospitality, serviced accommodation and mixed-use development, subjec
PETALING JAYA (Nov 2): Menara Tun Perak, Maybank’s former headquarters in central Kuala Lumpur, is being marketed for full or partial investment, with the appointed advisers highlighting potential alternative uses, including hospitality, serviced accommodation and mixed-use development.
Knight Frank Malaysia and CBRE|WTW outlined the opportunity in a sponsored announcement published by Mingtiandi on Tuesday (Oct 27). It disclosed neither an asking price nor the proposed structure of a partial investment.
The advisers said any alternative use would depend on feasibility assessments and regulatory approvals. Continued commercial use and upgrading the existing building were also among the possibilities outlined.
In a Bursa Malaysia filing Sept 12, 2022, Maybank described the Jalan Tun Perak property as a 55-storey office building with about 1.09 million sq ft of net lettable area on 31,748 sq m, equivalent to approximately 341,734 sq ft or 7.85 acres, of land.
The marketing follows the bank’s headquarters relocation to Merdeka 118, effective May 6, 2026. However, a possible disposal of its former headquarters had already been contemplated under a lease arrangement with Permodalan Nasional Bhd (PNB) disclosed in the 2022 filing. Under that arrangement, Maybank agreed to lease the property to PNB for 10 years, with minimum guaranteed rental equivalent to approximately RM12.1 mil annually and potential additional rental income linked to subletting performance. The lease was agreed on a triple-net basis, with PNB bearing building expenses including maintenance, insurance and taxes. It provided for termination if the property was sold before the lease expired. Maybank said at the time that the arrangement would generate rental income while allowing it to defer a disposal until the property market recovered further.
The current marketing announcement does not explain the lease’s present status or how a partial investment would interact with the arrangement. Maybank’s earlier disclosures also explain the refurbishment considerations behind its headquarters move. The bank had evaluated upgrading its existing premises, constructing a new headquarters and relocating before choosing relocation on net present value grounds. It said upgrading the former headquarters to meet its operational, efficiency and sustainability requirements would involve significant investment, temporary relocation of offices and employees, and potential business disruption.
For prospective investors, the advisers are promoting the property’s proximity to Chinatown, Central Market, Dataran Merdeka and Merdeka 118. They cited approximate walking distances of 450m to Masjid Jamek LRT station and 550m to Plaza Rakyat LRT station. Knight Frank Malaysia head of capital markets James Buckley said landmark investment opportunities within the historic city centre were uncommon. CBRE|WTW director Marcus Yeo pointed to the surrounding area’s rejuvenation and the property’s potential to accommodate different uses.
Maybank announced on July 28 that its former headquarters would be renamed Menara Tun Perak, while its new headquarters would take the name Menara Merdeka Maybank. The bank said then that its Kuala Lumpur main branch would continue operating from the former headquarters until further notice.
