Ilham Tower Valued At Up To Rm2 Billion Say Experts

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A general view of the Ilham Tower in Jalan Binjai in Kuala Lumpur. -NSTP/SADIQ SANIPETALING JAYA: The iconic 58-storey Ilham Tower, a prime commercial property reportedly owned by the family of former finance minister Tun Daim Zainuddin, is estimated to be worth RM1.5 billion to RM2 billion, according to market watchers.
The 274-meter-tall skyscraper on Jalan Binjai is reportedly Malaysia's eight-tallest structure. It is situated close to upscale commercial and high-rise residential properties near the KLCC.
It is also one of the tallest mixed-use buildings in Kuala Lumpur's downtown.
Completed in 2015, the building boasts a gross floor area of one million square feet.
Foster + Partners designed the unique tower, which is a remarkable blend of sleek glass, steel accents, and greenery.
Grade A office suites occupy some 30 floors on the lower portion, centred on a dramatic three-storey atrium, with hotel-serviced apartments situated above.
The stainless steel-clad structure also houses an art gallery, commercial units, recreational facilities, and penthouses at the very top.
The façade is rich and expertly designed to provide high-quality living spaces and shade the interiors.
The tower has a sizable open-sky terrace with unobstructed views of the city and al fresco dining options that reaches up to 40 meters in height.
Notable green features include rainwater harvesting, non-chemical water treatment, energy-efficient light fixtures and group lighting controls, carbon dioxide (CO2) sensors to monitor indoor and parking lot air quality, and more.
Ilham Tower came into sharp focus when Malaysian Anti-Corruption Commission (MACC) on Dec 18 seized the property as part of its investigations.
The seizure notice was published as an advertisement on a local news portal on Thursday.
It was signed by MACC deputy public prosecutor Ahmad Akram Gharib and made under Section 38(1) of the MACC Act 2009, addressed to the Property Rights Registrar, Lands and Mines Office of the Federal Territories.
Reports claimed that the seizure was linked to commission's investigations into the Pandora Papers issue in 2021.
This allegedly led to queries into the financial affairs of several entities, including Ilham Tower Sdn Bhd, which is majority-owned by a private company, Ilham Baru Sdn Bhd.
Singapore-based Channel News Asia (CNA) quoted financial executives close to Daim as saying the seizure took place after Daim's refusal to submit to MACC's petition to declare his and his family's financial holdings.
The news portal claimed this was part of an anti-money laundering probe that started in late May regarding a corporate transaction valued at RM2.3 billion (US$500 million) in Nov 1997 involving public-listed Renong Bhd and United Engineers Malaysia Bhd (UEM).
In May this year, MACC said it was gathering information involving the alleged misappropriation of RM2.3 billion by a former minister and a businessman. - NST

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