KUALA LUMPUR: PNB Merdeka Ventures Sdn Berhad, a wholly owned subsidiary of Permodalan Nasional Bhd (PNB), has signed a management agreement with Oakwood Premier for an Oakwood Premier-branded residential tower in Kuala Lumpur's Merdeka 118 precinct.

       The Oakwood serviced residences will occupy one of the residential towers within the Merdeka 118 development, featuring one- to three-bedroom categories with living spaces of up to 120 sqm in size.

       The property is scheduled to open in December 2024, making Oakwood Premier Kuala Lumpur the brand's second property in the city after Oakwood Hotel & Residence Kuala Lumpur.

       “Oakwood Premier Kuala Lumpur complements Merdeka 118’s mix of components, creating a desirable place to work, live and socialise in with fully activated, well thought out spaces for our visiting guests and resident community.

       "We are delighted to welcome this celebrated brand of premium serviced residences to the Merdeka 118 precinct family,” said PNB president and group chief executive Ahmad Zulqarnain Onn in a statement.

       Oakwood CEO Dean Schreiber said the new development will deliver a distinctive brand of residential lifestyle for discerning guests.

       "Our inaugural partnership with PNB sets a new benchmark at the pinnacle of comfortable living for guests in Malaysia’s capital," he said.