This article first appeared in The Edge Malaysia Weekly on May 19, 2025 - May 25, 2025
THE Selangor government investment arm’s Menara Worldwide is among buildings along Jalan Bukit Bintang in Kuala Lumpur said to be up for sale, sources say.
The Edge understands that the office building has an indicative price tag of about RM250 million, which, according to Menara Worldwide’s website, is the gross development value of the building. The 25-storey office building, which includes a four-storey podium block with a mezzanine floor and three-level basement car park (371 parking bays in total), was completed in July 2010.
The namesake building was owned by Worldwide Holdings Bhd, a subsidiary of Selangor State Development Corp (PKNS). Worldwide Holdings was privatised by PKNS and delisted from Bursa Malaysia in 2008.
The current building owner is PKNS Real Estate (PREC), Worldwide Holdings clarified when contacted. PREC is a special entity established in 2012 as an investment arm of the PKNS group of companies, according to its website. Assets owned and managed by PREC include Menara Worldwide, Menara PKNS in Petaling Jaya, SACC Mall and Kompleks PKNS Shah Alam, as well as Kompleks PKNS Bangi.
“The building has been up for sale for some time now because of low occupancy, especially during Covid. The building’s main tenant is AIG Malaysia Insurance Bhd,” a source familiar with the property tells The Edge.
According to Menara Worldwide’s website, other building tenants include clothing company Cotton On Sdn Bhd’s corporate office and Sisma Auto Sdn Bhd’s Jaguar showroom in the podium.
The Edge identified CBRE|WTW as the exclusive marketing agent for the property but, when contacted, the agent was unable to disclose the indicative price of the building.
The Grade-A office building sits on a one-acre leasehold lot with a total net lettable area of about 275,000 sq ft, with a current occupancy rate of 70%. According to CBRE|WTW, the average asking rental rates are between RM6 and RM6.50 psf.
It adds that the building has a lineup of multinational tenants including Volvo and AIG, reinforcing its appeal to blue-chip occupiers. “It is surrounded by some of Kuala Lumpur’s premier shopping and entertainment landmarks such as Pavilion Kuala Lumpur, TRX Mall and Starhill Gallery. It is also well served by public transport networks such as the Conlay, Bukit Bintang, Raja Chulan MRT and Monorail stations,” the agent elaborates.
Another source says: “The drawback for potential buyers is its leasehold status, compared to other nearby office buildings. At one point, Yayasan Tun Razak was up for sale, too. At the right price, they will consider, too.”
Yayasan Tun Razak, adjacent to Menara Worldwide, is a leasehold property built by YTR Harta Sdn Bhd, a subsidiary of the Employees Provident Fund (EPF).
According to an agent familiar with the area, Menara AA, a 16-storey office building on Jalan Tun Razak, was sold in 2023 at RM632 psf. In comparison, Menara JCorp, adjacent to Menara AA, was sold in 2021 for RM584 psf.
The Edge reported in 2021 that Hap Seng Consolidated Bhd (KL:HAPSENG), via its subsidiary Sunrise Spring Sdn Bhd, bought Wisma KFC on Jalan Sultan Ismail from Singapore-based property developer and manager Royal Group for RM190 million, just three years after Royal Group purchased the building from EPF for RM116.5 million. Hap Seng transformed the former Wisma KFC site into the five-star Hyatt Centric City Centre Kuala Lumpur, which officially opened last December. The hotel is its second Hyatt Centric property after its first in Kota Kinabalu, Sabah.
Older office buildings face competition from newer buildings, especially in the Kuala Lumpur city centre. According to Zerin Properties Research’s Greater Kuala Lumpur Office Sector 2024 Overview & 2025 Outlook, greener buildings such as Merdeka 118 and TRX are attracting companies seeking ESG-compliant, triple A-rated office space. “SMEs (small and medium enterprises) are drawn to cost-effective areas like Bangsar South, KL Eco City, KL Sentral and i-City Shah Alam, which offer modern infrastructure, amenities and strong transport links, highlighting market segmentation based on tenant needs,” the report says.
“Older office buildings in Kuala Lumpur are facing higher vacancy rates as tenants move to newer high-spec spaces. Hybrid work has increased demand for flexible layouts, pushing asset repositioning. Many older buildings are being repurposed with mixed-use elements to attract tenants, adapt to market changes and boost long-term value.”
CBRE|WTW Research and Consulting’s Marketview Snapshot for 4Q2024 showed that purpose-built offices (PBOs) in Kuala Lumpur recorded an occupancy rate of 77.8%, or an increase of 0.1%. According to the report, two million sq ft of prime PBO space is expected to be added by the first half of 2025 with the completion of six major buildings: The Office Exchange Campus, PNB 1194, Oxley Tower, TNB Gold Bangsar, Finas Tower PJ Sentral and Sunway Square Corporate Towers.
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