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PNB says won’t be property developer upon completion of projects

KUALA LUMPUR, Permodalan Nasional Bhd (PNB) will no longer be a property developer with the completion of its PNB 118 and PNB 1194 projects, says chief executive officer Datuk Abdul Rahman Ahmad.

PNB is very clear. After the completion of PNB 118 and PNB 1194, we don’t intend to be a property developer. We own land bank and when it matures, the plan is to actually monetise and divest to property developers, he told reporters during a media briefing on PNB’s first half 2019 performance.

The 118-storey megatall skyscraper is now reaching its 75th floor and is expected to reach the 80th-90th floor by year-end.

PNB 1194 is a redevelopment project on what was the former headquarters of Malaysia Airlines Bhd in Jalan Sultan Ismail, Kuala Lumpur.

Both projects are slated for completion in 2021.

Abdul Rahman said the fund’s total real estate portfolio is roughly around RM8 billion, inclusive of a big swathe of land bank as well as global real estate namely in London, the United Kingdom.

Under the challenges in the property market, we are looking at rebalancing our domestic real estate portfolio, he said, adding that PNB is also looking to monetise its 3,642.17 hectares of local landbank, selling the land to property developers.

Without elaborating further, he said some divestment has taken place.

Source BERNAMA (News Agency)

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