Saturday, October 16, 2010
New Sky-scraper Warisan Merdeka from Budget 2011
The Budget 2011 has given us a 100-storey sky-scraper called Warisan Merdeka. This blog is not going to dwell into whether we need more office space in a very saturated market and is this the time to spend RM5b? Especially when we have witnessed every project that our GLC's are involved in are suffering from 50% to 150% cost over-runs... That's a job for another forum... However, in a KL city center property market where prices increases against the distance from the current tallest sky-scraper, the Petronas Twin Towers, this new project and it's sorrounding real-estate will be closely watched.
The tower will be completed in 2015 on the current land where 2 of KL's historical landmarks sit - Stadium Merdeka and Stadium Negara. If one actually paid attention in class, Stadium Merdeka was where the 1st Malayan Prime Minister, Tunku Abdul Rahman Putra Al-Haj proclaimed the independence of Malaysia on 31st of August 1957.
The site is actually a hill dominated by no other commercial or residential property. The Hang Tuah LRT and monorail stations serve the area which has 4 schools including the reknowned Victoria Institution. The notorious San Peng low cost flats and Choo Cheng Khay apartments are just across the road. The closest condominiums are Casa Mutiara, Swiss Gardens Apartments and Sri Emas, although they are separated by the LRT tracks. KL's China Town, the famous Petaling Street is also adjacent. Although the government has announced that the 2 historical stadiums will be preserved within the project, the other existing buildings, including the 3 schools that sit on the same hill, the Scout's BP House and the Chin Woo sports complex may suffer demolition in favour of high value commercial development. The same way that the historical Bukit Bintang Girls School had to give way to the Pavilion, I think it is unthinkable for VI and Methodist Boys to be located right beside the next tallest tower in Malaysia.
Also to be watched, is the hill behind Dewan Bahasa Pustaka.