Proposed Sale of Interest in Menara Citibank, Kuala Lumpur Sponsored Feature

Knight Frank and Savills have been appointed to jointly advise on the sale of their client’s interest in Menara Citibank, located in the heart of Kuala Lumpur’s business district and just a few hundred metres from the iconic Petronas Twin Towers.

The Grade A, 50-storey, freehold office building is a prominent landmark within the city and benefits from excellent public transport links with Ampang Park LRT and Ampang Park MRT stations located adjacent to the building, offering efficient connectivity across Kuala Lumpur and beyond. It is also surrounded by superb amenities and provides easy access to highways, embassies, shopping centres, the Royal Selangor Golf Club and numerous upscale hotels including the Four Seasons, Grand Hyatt, W, Mandarin Oriental, Intercontinental, and others.

With over 4,000 employees today in Malaysia across five locations, Citi Malaysia has recently renewed its lease, which included securing additional successive options to renew well into the future. “Currently, the bank occupies over 1/3 of the total net lettable area, with other major tenants including United Overseas Bank (UOB), Hibiscus Oil & Gas, Malayan Flour Mills, Total Systems Services, Samsung C&T, and Japan International Cooperation Agency,” according to Nabeel Hussain, Head of Capital Markets at Savills Malaysia. “The building has long been a fixture in the downtown Kuala Lumpur skyline, and remains extremely popular with tenants, as evidenced by current occupancy levels.”

The building has been very well maintained and underwent a comprehensive upgrade of the lifts and common areas which was completed in 2022, offering high-spec office space appropriate to the needs of major domestic and foreign occupiers, including large floorplates, high ceilings, a green rating (GBI), redundancies for power and other critical building services, and excellent signage
opportunities.

James Buckley, Head of Capital Markets at Knight Frank Malaysia says “relative to many other Asian office markets, Kuala Lumpur offers higher entry yields and rents and capital values are less volatile. This investment opportunity is a particularly good choice for investors looking for Grade A offices let to a number of diverse businesses offering stable recurring high returns as well as partnering with one of Malaysia’s prominent conglomerates.”

For further enquiries: please contact the jointly appointed agents:
James Buckley
Knight Frank
+60 10 511 4906
James.buckley@my.knightfrank.com

Nabeel Hussain
Savills
+6017 809 3890
Nabeel.hussain@savills.com.my