Despite the infamous 1MDB corruption scandal
Exchange 106, the tallest building in Southeast Asia, is set to open its doors for the first batch of tenants in December, with office space occupancy of around 46,452 square metres, reported Channel News Asia.
The 106-storey glass and steel tower is the first development project ready for the public in Tun Razak Exchange (TRX), the new financial district in Kuala Lumpur.
Malaysia Development Berhad (1MDB) started the project, until prosecutors later discovered misappropriation of the state fund, costing around USD4.5billion.
In March last year, the government of former Prime Minister Najib Razak who happens to be the co-founder of 1MDB in 2009, with a 51 percent stake in the project, found themselves under investigation.
The former prime minister bought his share just two months before the voters ousted him due to corruption.
Nevertheless, Mulia Group believes the spectacle of 1MDB is finally over, with the completion of the 492-metre tower and the support they received from the new administration led by Mahathir Mohamad.
As for the opportunity costs and investments shouldered by the government, Finance Minister Lim Guan Eng is positive that they would be able to recover it.
Mulia official Patrick Honan said that the skyscraper, with its breathtaking views of the city, has already locked down a fifth of its 241,548 sqm rental space.
“We expect the take up to grow to 120,774 sqm by the end of next year,” he added.
Prospective tenants include e-commerce platforms, a serviced office and co-working brand, a Hong Kong-based personal care brand, and a top Fortune 500 global consulting firm.
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