Excuse me, I have $$$ vertigo!

Are you reeling in shock from the disclosure that Permodalan Nasional Berhad (PNB) will build Malaysia’s tallest building near the historic Merdeka Stadium at a cost of about RM5 billion with completion expected in 2015?



At this early stage, there has been no information as to the height for the 100-storey 'supertall' building but clearly, it can never surpass the current world’s tallest building — the 160-storey Burj Khalifa, which stands at a towering 828m.

When the PM announced this news on Friday, he said HERE that “We take pride in our national icon, the Petronas Twin Towers. It signifies the spirit of ‘Malaysia Boleh’. Another landmark to be developed by PNB is Warisan Merdeka,” said Prime Minister Datuk Seri Najib Razak during the tabling of the 2011 Budget in Parliament today.

Many of us must be plagued with many questions including:

1) Where is the source of $$$ for this colossal project?

2) Why is there no mention in the budget as to how our country is going to settle our National Debt which has ballooned from 40 per cent of the GDP to 52 per cent today at RM363 billion (according to MP Tony Pua HERE)?

3. Did you know that this 100-storey building was not birthed overnight? On Dec. 7th 2009, The New Straits Times was quoted HERE that 100-storey skyscrapers (were) planned for Kuala Lumpur?I cannot locate the original report in NST as I do not have access to the archives.

As far back then, the three sites in the city had been identified for the development of iconic structures to spur growth in the economy supposedly Dataran Perdana in Jalan Davis, the area surrounding Stadium Merdeka and the vicinity of the Matrade Centre in Jalan Duta.

That report sated that all the plots of land are privately owned. Two belong to government-linked companies - Pelaburan Hartanah Bumiputera Bhd and Permodalan Nasional Bhd (PNB) - while the Naza group owns 25ha in the vicinity of the Matrade Centre. The report also cited that "While it is understood that the design for such a skyscraper is included in the original development master plan for the 25ha site around the Matrade centre, another source claimed that a 100-storey building is to be built near Stadium Merdeka, owned by PNB."

Even at that time, Bank Islam Malaysia chief economist Azrul Azwa had said that "The key thing is the huge cost of the development and what the government's role will be in this. The report also said that according to RSP Architect's Hud Bakar, a 100-storey building, on average, would cost 50 per cent more per square foot than a normal high-rise building, depending on the actual design.

So why is there a necessity to build a 100-storey building knowing full well that the rental would be 50% more than that of other buildings? There is simply no logic at all!!!

4. Does the 100-storey building promote sustainable development? Anyone who has been to KL would be well aware of the congestion that the rakyat face. Were town planners consulted at all?

Do the authorities know that some buildings already have the sick building syndrome? Read the full report HERE.

5. Was a feasibility study carried out to see if this project will cause a glut in the commercial property market? They have to explain and justify the move. If not, this project should be scrapped immediately!

6. We don't need ministers like Ng Yen Yen to come up with immature and shallow statements such as reported HERE where she said:

Its minister Datuk Seri Dr Ng Yen Yen said the tourism sector would flourish with the tower as it would attract tourists to Malaysia.

"It will not only be beneficial to the tourism industry, but also for the domestic trade sector.

"Malaysians should take this suggestion positively because this 100-storey tower is for the good of the country," she told reporters at the MCA elections operation room here today.

"We can build it as we have the capacity for such structures. Look at Shanghai (China), they start with a tower and keep adding more, the same goes for Taipei," she said.

She added that Malaysia has taken a brave step towards being competitive and the tower will open more windows for domestic trade, as well as attract more foreign investors to occupy the building.

It is ridiculous that the country spends RM5billion for the absurd rationale that she gave! Besides, she did not justify what she meant by "for the good of the country" because it is obvious that the benefits are limited!!! So Ng Yen Yen is suggesting that we spend billions to keep up with the Joneses??

Brave step? Ya right! How many investors will occupy their building with full knowledge that the rental will be 50% higher??? It just does not make sense. Obviously, an empty vessel that has not done its homework will make a lot of positive noise!

7. More importantly, do the rakyat need such a project? We need LOTS and none include a 100 storey building that panders to a jaguh kampung mentality and causing more hardship in other areas to many such as highlighted earlier.

RM5 billion is A LOT OF $$ that can be put to GOOD and BETTER use for the country in such a way that it DIRECTLY benefits the rakyat.

In the mean time, please excuse me. I have $$ vertigo !!!

courtesy of masterwordsmith-unplugged