KUALA LUMPUR, Feb 9 ― Telekom Malaysia Berhad’s headquarters building Menara TM has been put on the market for an undisclosed price today.
An advertisement sighted on StarBiz today said Menara TM’s sale is being conducted via expression of interest and the closing date for the sale’s first stage is at 12pm on March 18.
Realtors WTW Real Estate Sdn Bhd has been appointed to conduct the sale of the building.
For Sale .. Menara TM pic.twitter.com/Eawief3FOC— SpecialOne769 (@SpecialOne769) February 9, 2022
In 2019, TM was reported clarifying that Menara TM had already been sold in 2008, and it has been occupying the building on a leasing arrangement since then.
The sale was part of a transaction involving sale and leaseback of Menara TM, Menara Celcom, TM Cyberjaya Complex and Wisma TM in Taman Desa) to Menara ABS Bhd for RM1 billion through the issuance of sukuk.
The 55-storey freehold iconic tower was completed in 2001 and is located along Jalan Pantai Baharu, Kuala Lumpur.
It comprises a total of 989,000 sq ft of the building consisting of office towers, while 92,431 sq ft comprise convention centres, multi-purpose halls, a sports complex, mosque and helipad, among others.
Designed by Hijjas Kasturi Associates to resemble a sprouting bamboo shoot, the complex cost US$160 million (RM669 million) to build and was officially launched in 2003 by then prime minister Tun Dr Mahathir Mohamad.
TM in a statement later today said it was not involved with the intended sale by the property's owner Menara ABS.
The telco also said it is in the process of relocating its office to its own properties both in Kuala Lumpur and Cyberjaya.
“The Company is currently in the process of relocating the majority of its corporate offices into its TM-owned properties, including TM Annexe 1 and TM Annexe 2 as well as its properties in Cyberjaya, as part of the Company’s optimisation programme to enable greater efficiency and agility, and to accommodate hybrid working conditions,” said TM.
In February 2019, it was reported that TM intended to dispose of two office towers that are adjacent to its headquarters Menara TM on Jalan Pantai Baharu, Kuala Lumpur.
The Edge then reported TM is inviting offers from interested parties to tender for 20-storey TM Annex 1 Tower and 33-storey TM Annex 2 Tower.
Managing director and hief executive officer Imri Mokhtar was quoted then saying the proceeds could be used for other investments that provide better returns for the company.