This article first appeared in The Edge Malaysia Weekly on October 26, 2026 - November 1, 2026
KUALA Lumpur’s best known bank tower is reportedly being put on the market, according to sources. Menara Tun Perak, the 55-storey Jalan Tun Perak landmark that served as the headquarters of Malayan Banking Bhd (KL:MAYBANK) for nearly four decades, has no publicly stated asking price. Maybank’s 2025 annual report lists the building’s book value at around RM65.87 million, but industry observers say the eventual price will be considerably higher, given its net lettable area (NLA) of 1.09 million sq ft and its prime location.
Maybank renamed its new home Menara Merdeka Maybank (formerly known as Menara Merdeka 118) on July 28. On the same day, its old headquarters, formerly known as Menara Maybank, became Menara Tun Perak.
Any sale has to account for the 2022 arrangement between Maybank and Permodalan Nasional Bhd (PNB). Alongside its tenancy at Menara Merdeka Maybank, Maybank leased Menara Tun Perak to PNB for 10 years on a triple-net basis, which essentially means that the tenant would pay a base rent plus all three core operating expenses of the property: property taxes, building insurance and maintenance. The deal lets the bank earn rental income while deferring a disposal until the property market recovers.
The minimum rental for Menara Tun Perak is RM12.1 million a year, and the tower has a gross floor area of about 2.33 million sq ft. The agreement includes an option that gives PNB the right to lease or sell the property if beneficial to both parties.
It is understood that CBRE | WTW and Knight Frank Malaysia are the appointed marketing agents for the deal.
Several office towers in the area have been listed at asking prices above RM1,000 psf, while actual trades have landed in a much lower range, an industry observer tells The Edge. An online listing shows that the 21-storey The Icon in Jalan Tun Perak, with an NLA of about 260,000 sq ft, is on the market for about RM299 million while The Edge reported in May 2025 that the 25-storey Menara Worldwide in Jalan Bukit Bintang has an indicative price of RM250 million. The 16-storey Menara AA in Jalan Tun Razak was sold in 2023 for RM632 psf while Menara JCorp, next to Menara AA, sold in 2021 for RM584 psf.
“Menara Tun Perak is several times larger than any of these buildings, and its landmark status and age cut both ways, so no single comparable fits it neatly. On 1.09 million sq ft NLA, RM400 psf would imply about RM436 million, RM600 psf about RM654 million, and RM1,000 psf about RM1.09 billion. That is roughly 7.5 to 19 times the reported book value. The contracted rent of RM12.1 million a year works out to only about RM11 psf annually, so the lease income alone does not support a high price,” says another industry observer.
“The pool of likely buyers is small. New supply from Menara Merdeka Maybank and Tun Razak Exchange has added to a glut of premium office space, and ageing buildings of this kind could struggle to attract tenants and buyers. Maybank itself weighed the cost of upgrading the tower to current sustainability standards before deciding to move out. A buyer would face a heavy retrofit bill or a redevelopment play, and would price that in.”
Given the size and the heritage value, a sale is unlikely to be a routine office transaction. An institution, a consortium or a redevelopment-minded investor would appear to be the most plausible buyer.
Designed by Hijjas Kasturi, one of Malaysia’s best known architects, Menara Tun Perak is 244m, nearly half the height of the Petronas Twin Towers. Construction began in 1984 on Court Hill, where the British had built a colonial-era court building, and was completed in 1988. Until the Petronas Twin Towers opened in 1995, it was the tallest building in both Kuala Lumpur and Malaysia.
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