KUALA LUMPUR, Oct 29 — Menara Tun Perak, the iconic Kuala Lumpur skyscraper formerly known as Menara Maybank, has reportedly been put up for sale after serving as the banking giant’s headquarters for nearly four decades.
According to a sponsored announcement published by property news website Mingtiandi, investors are being offered the opportunity to acquire either a partial or full interest in the building, although no asking price was disclosed.
Standing 244 metres tall along Jalan Tun Perak, the building was completed in 1988 and remains one of the capital’s most recognisable landmarks.
The proposed sale comes months after Maybank relocated its headquarters to Merdeka 118 on May 6, ending its longstanding use of the tower as its head office.
On July 28, Maybank announced that its new headquarters would be renamed Menara Merdeka Maybank, while its former headquarters would take the name Menara Tun Perak.
Property consultancy firms Knight Frank Malaysia and CBRE|WTW have reportedly been jointly appointed to advise on the proposed sale.
The building’s location near Chinatown, Central Market, Dataran Merdeka and several public transport stations is being promoted as a key attraction for potential investors.
According to the announcement, interested buyers could retain the property for commercial use, upgrade the existing building or explore converting it into a hotel, serviced accommodation or mixed-use development, subject to feasibility studies and regulatory approvals.
Knight Frank Malaysia head of capital markets James Buckley said properties of such prominence in Kuala Lumpur's historic commercial district were seldom offered to investors.
“Landmark assets of this nature, particularly those located within the city’s historic core, are rarely made available for investment,” he said.
CBRE|WTW director Marcus Yeo said the building's location and potential for alternative uses could appeal to investors amid the continued redevelopment of Kuala Lumpur's city centre.
