The luxury hotel operator’s Park Hyatt brand will occupy the top 17 floors of the tower, called PNB 118, PNB said yesterday. Aimed for completion in 2020, the 118-storey building will be the tallest in Southeast Asia.

PNB 118 will have 1.65 million square feet of rentable office space, a retail mall and other entertainment amenities. The fund itself will take up around half of the office space, and is looking to have its portfolio companies take tenancy as well.

“From our perspective, this is an investment into real estate, in a historic location,” group chairman Abdul Wahid Omar said at a press briefing.

In November, PNB said it was looking to raise RM2 billion via a green sukuk programme to finance the tower project. The fund’s real estate portfolio also includes British and Australian assets.

Malaysia’s capital has been experiencing an oversupply of office space in recent years. However, new office buildings continue to enter the market.

Notably, the construction of a 106-storey building, Exchange 106, is underway in the Tun Razak Exchange and targeted for completion this year.