Prime Minister Najib Abdul Razak said that the iconic Warisan Merdeka Tower with its strategic location will be a new national landmark to adorn Kuala Lumpur's golden triangle

"The project will be a new iconic landmark for Malaysia. The project is estimated to increase the attraction of Kuala Lumpur as an investment and tourism destination," Najib said at the launch of the first phase of the Warisan Merdeka project.

The project is wholly-owned by Permodalan Nasional Bhd (PNB), and its first phase comprising the construction of a 118-storey tower and a shopping complex was started in 2014.

The first phase is slated for completion in 2020 with an estimated cost of RM5 billion.

The tower will be named Merdeka PNB 118 and will reach a height of 630 metres. This will make it the second tallest building in Asia and will be listed as the fifth mega tall building in the world.

The tower will consist of 60 office floors that will be occupied by PNB and 22 others will be open for rental by local and international companies.

Another 18 floors will be allocated for a luxury six-star rated hotel featuring 236 rooms.

The remaining 18 floors will house the sky lobby and observation decks.

Najib also said the development, which will still preserve the two heritage buildings on the site – Stadium Merdeka and Stadium Negara – proves that contemporary heritage and modern architecture can go hand in hand.

"At the same time, it will encourage domestic and foreign investment as the project will create higher-added value in the services sector.

"The re-development of the surrounding area will also increase the land value at the Warisan Merdeka area as well as Buit Bintang, which is also known as the golden triangle," he said.

The mixed-development Warisan Merdeka project spans over 7.68 hectares and is being developed in three phases, with the whole project due for completion in 2024.