The Merdeka PNB118, part of the Warisan Merdeka mixed development venture by Permodalan Nasional Berhad (PNB) on the site of the old Merdeka Park, was launched this week by PM Najib Razak.

Phase one of the project includes a shopping mall as well as what is to be the new icon of Malaysia, an impressive 118-storey skyscraper that is expected to be the tallest building in the country and the fifth tallest in the world when completed, overshadowing the Twin Towers by more than 100 meters.

The tower, also previously designated KL118, was designed by Australian firm Fender Katsalidis Architects and will include a six-star hotel of 236 rooms, 82 floors of office space and a sky lobby, while the mall will house 200 stores and a 12-hall cinema. This first phase is expected to be completed in 2020 and will cost a staggering RM5 billion.

When the plans were initially announced a few years back, there were objections from civil societies who where concerned about the preservation of two historically significant structures located next to the Warisan Merdeka development site.

Both Stadium Negara and Stadium Merdeka, where the country’s independence was declared, are wholly owned by PNB. Another concern was the effects such a massive undertaking would have on the traffic situation which is already quite terrible, as well as the cost of such a huge project -money that could otherwise be spent investing in education and the economy.

To assuage concerns, PM Najib Razak said the two stadiums will not be affected in any way and that PNB will continue to preserve these historical treasures. He also pointed out that iconic buildings helped define a city and this new superstructure will showcase Malaysia as a modern and developed nation, reported Astro Awani.

The PM added that the cost of the entire project will be borne by PNB and the project is expected to stimulate the economy and generate 10,000 job opportunities as Warisan Merdeka will boost the attractiveness of KL as an investment and tourism destination.

As for the traffic congestion, The Malay Mail Online report PNB Chairman Tun Ahmad Sarji saying that Warisan Merdeka’s proximity to three railway lines, including the upcoming MRT Merdeka station adjacent to the project, will ease congestion and that traffic can be handled well as sufficient preparations are made for adequate access networks for entry and exit to the Warisan Merdeka.

For now, the project has begun and whether civil societies will have it or not, it looks like Malaysia is about to witness the construction of another national landmark.