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PETALING JAYA (April 21): After years of delays, false starts and construction hold-ups, Malayan Banking Bhd (Maybank) has put a firm date on one of the most consequential office relocations in Malaysian corporate history.
Effective May 6, Maybank will officially move its head office from Menara Maybank in Jalan Tun Perak — its home since 1988 — to Menara Merdeka 118, the world's second-tallest and Southeast Asia's tallest skyscraper.
The move, confirmed via a Bursa Malaysia announcement today, will see Maybank occupy 33 floors spanning approximately 650,000 sq ft across the Mid Zone (floors 42 to 73) of the 118-storey tower, housing roughly 7,000 employees.
Also relocating are key subsidiaries Maybank Islamic Bhd and Maybank Investment Bank Bhd, with the transfer to be carried out on a staggered basis.
A deal four years in the making
Maybank first announced the relocation plan in September 2022, signing a 21-year tenancy agreement with tower owner Permodalan Nasional Bhd (PNB) — structured as an initial three-year term, renewable for six further three-year terms.
The move was originally targeted for the first quarter of 2025, before being pushed back to "sometime in 2026" after delays in obtaining the Certificate of Completion and Compliance.
The May 6 effective date now closes that chapter.
What this means for Merdeka 118's occupancy
Maybank's arrival as anchor tenant is the single biggest catalyst for Merdeka 118's commercial leasing story.
Maybank retains naming and signage rights at Merdeka 118 as anchor tenant.
As of mid-2025, the tower's office floors were approximately 70% leased, with PNB itself having moved into 17 floors in the High Zone and the Park Hyatt Kuala Lumpur occupying Levels 97 to 112.
The tower's total premium Grade A office net lettable area stands at approximately 1.7 million sq ft and, once fully tenanted, is expected to house around 10,000 professionals.
The 118 Mall retail component and the observation deck — The View at 118 — remain targeted for the second half of 2026.
The Menara Maybank question
The more intriguing property story is what happens next to Menara Maybank itself — a 50-storey, 244m post-modern landmark completed in 1988 and designed by Hijjas Kasturi Associates.
The deal is structured as a genuine asset swap between two PNB-linked entities.
As part of the same agreement, Maybank will lease Menara Maybank's 1.09 million sq ft of net lettable area back to PNB on a 10-year triple-net basis — meaning PNB bears all maintenance, insurance and tax costs — while Maybank receives a minimum guaranteed rental of approximately RM12.1 million per annum.
The building's KL Main Branch will remain fully operational and there will be no disruption to existing account holders, Maybank confirmed.
PNB will continue operating the building as an office property while exploring new tenancy or ownership options.
This adds the landmark tower to PNB’s domestic core property portfolio of over 40 Malaysian assets.
Read also:
What’s happening to KL’s older buildings?
Editor’s note: This article is based on Maybank's Bursa Malaysia announcement dated April 21 and publicly available sources like The Edge Malaysia and Edgeprop.
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