Merdeka 118 tenants now include Maybank’s head office, PNB, Bank of America, Danish fund manager Copenhagen Infrastructure Partners and the Park Hyatt hotel, and the tower’s developer says it is signing two more global brands in finance and technology. For Jalan Hang Jebat, where EXSIM’s MABA Suitez sits across the road from the precinct, the tower promises a weekday workforce projected at 10,000 to 11,000, a mall due in November, heritage programmes and Malaysia’s first MD Nexus status for digital businesses. The offices, though, are still only about 70% let, and many of the gains remain forecasts.
Merdeka 118 Tenants: Who Has Moved In So Far
Permodalan Nasional Bhd (PNB) owns the tower through its wholly owned subsidiary PNB Merdeka Ventures (PNBMV), which is developing the 40-acre Merdeka 118 precinct. Since 28 July 2026 the tower has officially been named Menara Merdeka Maybank, after its anchor tenant.
| Tenant | Who they are | Space in the tower | Status, October 2026 |
|---|---|---|---|
| Maybank | Malaysian bank | 33 floors in the Mid Zone, about 7,000 staff | Head office since 6 May 2026 |
| PNB | Malaysian fund manager, owner | 17 floors in the High Zone | Moved in from Menara PNB |
| Bank of America | US bank | 38th floor | Inaugurated 30 April 2026 |
| Copenhagen Infrastructure Partners | Danish renewable-energy fund manager | Unit A, 36th floor | Southeast Asia office, opened May 2026 |
| Park Hyatt Kuala Lumpur | The brand’s first hotel in Malaysia | 252 rooms and suites between levels 75 and 114 | Open since August 2025 |
| IWG (Signature) | Group behind Regus and Spaces | Two floors, 637 workstations | Signed in 2025; opening not confirmed |
Maybank signed its tenancy in September 2022: an initial three years plus six renewals of three years each, 21 years in all, with naming and signage rights. Its move waited on the building’s Certificate of Completion and Compliance, and its old head office on Jalan Tun Perak is now Menara Tun Perak. Bank of America, in Malaysia since 1959 with more than 90 local staff, offers corporate banking, treasury and trade, and foreign exchange services in Malaysia. CIP develops wind, solar and energy-storage projects across Southeast Asia, and Denmark’s ambassador to Malaysia spoke at its opening. IWG was missing from the tenant list PNBMV gave in September 2026, so treat it as signed, not operating.
How Full Is Merdeka 118’s Office Space?
PNB leases all 84 office floors from PNBMV and sub-lets them. MARC Ratings said in October 2026 that about 70% of the roughly 1.6 million sq ft is sub-leased: about 40% to Maybank, 20% to PNB and about 10% to everyone else. That 70% has not moved since August 2025, and MARC expects about 90% within five years.
The foreign pitch is explicit. In August 2025, PNBMV’s then chief executive, Tengku Datuk Ab Aziz Tengku Mahmud, said the tower was aimed at companies that run regional offices from Singapore. The current chief executive, Datuk Izwan Hasli Mohd Ibrahim, told Bernama in September 2026 that two unnamed global brands in finance and technology are being signed, and that firms from India, China and West Asia are being courted. He suggested the West Asia crisis could push some regional offices there to Malaysia.
JLL puts Kuala Lumpur office vacancy at 14.8% in the second quarter of 2026, rising to an expected 16.4% by year-end as 2.64 million sq ft of new space arrives. Rahim & Co names TRX and Merdeka 118 among the new hubs drawing tenants away from ageing buildings. At Merdeka 118 itself, Maybank and PNB hold about 60% of the office space, which makes up most of the 70% let, and both moved in from their own older Kuala Lumpur towers.
The Partnerships Around Merdeka 118
An international build. A joint venture of South Korea’s Samsung C&T and UEM Group built the 679 m tower, with US firm Turner Construction as project manager. The Council on Tall Buildings and Urban Habitat (CTBUH) recognised it as the world’s second-tallest building in October 2023, and in April 2024 it became the first megatall building in Malaysia to earn LEED Platinum.
A national digital hub. In February 2026 Digital Minister Gobind Singh Deo named it Malaysia’s first MD Nexus, the top building-level tier of MDEC’s Malaysia Digital Location Recognition framework. MDEC said around 50 companies had applied for the status.
Tenants in wider economic deals. In May 2025 two of the tower’s tenants, Bank of America and Maybank, were among six financial institutions that signed letters of intent with the Ministry of Economy to support the Johor-Singapore Special Economic Zone, alongside CIMB, HSBC, Sumitomo Mitsui Banking Corp and CGS International. Those letters concern Johor, not the tower itself.
Partnerships with the old town. Warisan KL, launched by Prime Minister Anwar Ibrahim in April 2025, names the precinct and Petaling Street among 10 heritage landmarks to restore, and its Green Connector Network is meant to give pedestrians a continuous route through Petaling Street from Masjid Jamek to Kampung Attap. Federal Territories Minister Zaliha Mustafa has called Warisan KL the blueprint for the Kuala Lumpur Local Plan 2040, resting on partnerships between government, GLICs, private firms, NGOs and communities. With Think City, a Khazanah subsidiary, PNBMV has run the Merdeka 118 Community Grants Programme since 2021 across Petaling Street, Jalan Hang Tuah, Bukit Bintang, Kampung Attap and Pudu, backing 30 community-led projects over three cycles.
What Merdeka 118 Brings to the Surrounding Area
- Workers. At peak occupancy PNBMV expects 10,000 to 11,000 people to come into the precinct each weekday. That is a forecast; Maybank alone has moved about 7,000 staff in.
- 118 Mall. The seven-storey, 750,324 sq ft mall is due to open in November 2026, later than the August date given in May, with more than 300 outlets, including Village Grocer, SOGO118 and the Makanizm food hall. MARC says 81% of its space is signed or under negotiation.
- Heritage. Stadium Merdeka reopened in August 2024, restored to its original 20,000 seats. It has hosted more than 200 events, and entry is free. The Merdeka Textile Museum at the tower, launched by Queen Raja Zarith Sofiah in August 2026, was scheduled to open to the public on 1 October.
- Roads and rail. The Belfield Tunnel opened in March 2025 for traffic to and from the precinct. Merdeka MRT station (KG17) on the Kajang Line sits beneath Jalan Hang Jebat, linked to Plaza Rakyat LRT, with an entrance into 118 Mall planned.
As of mid-October 2026, The View at 118 observation deck has not opened and has no announced date.
What Merdeka 118 Means for MABA Suitez Next Door
MABA Suitez by EXSIM is a pair of serviced apartment and office suite towers at 6 Jalan Hang Jebat, developed in collaboration with the Malaysia Basketball Association. By the developer’s map it is about 118 m, a two-minute walk, from the tower, 160 m from Merdeka MRT and 240 m from Petaling Street. Its 914 units run from 323 to 657 sq ft, and the Type C dual-key units face south towards Merdeka 118. Completion has been reported for 2031.
From the site, the tower and its mall, Petaling Street and the MRT are all a few minutes away on foot. In June 2026 a community mural went up along Jalan Hang Jebat at a gateway between Petaling Street and the precinct, painted with help from more than 35 PNB and PNBMV volunteers.
Weigh the other side. None of the figures above measures a price or rent effect on Jalan Hang Jebat: the workforce numbers are projections, office occupancy has sat at about 70% for more than a year, and the mall and observation deck have not opened. PNBMV also targets the launch of two residential buildings inside the precinct in the first half of 2027, with a serviced apartment block to follow. MARC flags demand risk for both from competing Kuala Lumpur projects, and anyone weighing MABA Suitez will have them as direct alternatives. The developer states that car parks are not included with MABA Suitez units. Compare nearby launches on the Merdeka 118 area page, across Kuala Lumpur and in our list of homes near MRT and LRT stations.
What to Watch Next at Merdeka 118
- The two finance and technology brands PNBMV says it is signing.
- Whether occupancy moves from 70% towards MARC’s 90%.
- 118 Mall’s November opening and a date for The View at 118.
- PNBMV’s residential launch in the first half of 2027.
Merdeka 118 FAQ
Which companies are in Merdeka 118?
Maybank (head office, 33 floors), PNB (17 floors), Bank of America, Copenhagen Infrastructure Partners and the Park Hyatt hotel. IWG has signed for a flexible-office centre, and two more global brands are being signed but have not been named.
How much of Merdeka 118’s office space is let?
About 70% of roughly 1.6 million sq ft, according to MARC Ratings in October 2026. MARC expects about 90% within five years.
What is Merdeka 118’s MD Nexus status?
MD Nexus is the top building-level tier of MDEC’s Malaysia Digital Location Recognition framework. Merdeka 118 became the first building in Malaysia to receive it, in February 2026.
When does 118 Mall open?
118 Mall is due to open in November 2026, according to MARC Ratings and the mall’s management. The observation deck has no date yet.
How far is MABA Suitez from Merdeka 118?
About 118 m, roughly a two-minute walk, by EXSIM’s location map. See the MABA Suitez floor plans and unit types for full layouts.