KHAZANAH Nasional Bhd’s (Khazanah) multi-million-ringgit investment in restoring iconic heritage sites, including Carcosa Seri Negara and the Sultan Abdul Samad Building, is poised to attract private investors and stimulate economic activity in Kuala Lumpur’s historic precincts.
Treasury secretary-general Datuk Johan Mahmood Merican said the RM600 million project forms part of the broader Warisan KL initiative and will “revive” the city’s heritage areas.
“The government's commitment to revitalising heritage areas in the capital does not stop here. Future plans also include enhancements to the Dayabumi Complex and the conservation of the iconic Kuala Lumpur Railway Station,” he noted.
Johan highlighted that government-led heritage restoration through government-linked investment companies (GLICs) has significantly bolstered private sector confidence.
“Alongside Permodalan Nasional Bhd (PNB), which restored Merdeka Stadium and Stadium Negara near Merdeka 118, these efforts have given investors confidence to invest in key areas such as Lebuh Ampang and Petaling Street.
The surrounding areas have also seen positive changes. Petaling Street, for example, is no longer just a street market but has become a hub for boutique hotels with room rates up to RM1,000 per night,” he said.
The development of Merdeka 118, together with the restoration of Merdeka Stadium and Stadium Negara, has drawn hundreds of millions of ringgit in private investment into heritage shoplots along Lebuh Ampang, transforming them into trendy cafes and shops.
Other tourist attractions, such as Central Market KL, have also experienced renewed vibrancy.
“When the government demonstrates commitment by spending funds to beautify and restore these areas, the private sector becomes more confident to invest.
“The economic impact of heritage site restoration is expected to draw in further investments,” Johan added.
Prime Minister Datuk Seri Anwar Ibrahim, in the 2026 Budget presentation, noted that Carcosa Seri Negara, returned from British ownership nearly four decades ago, symbolises national dignity and sovereignty.
The Sultan Abdul Samad Building similarly bears historical significance, witnessing the Malay Rulers and the lowering of the Union Jack.
Khazanah’s restoration plans will transform Carcosa Seri Negara into an inclusive eco-cultural destination, featuring galleries, storytelling spaces, and community activities, combining heritage, biodiversity, and creativity to provide an immersive experience.
PNB’s Merdeka 118 development will include a Textile Museum next year, alongside ongoing conservation of Merdeka Stadium and Stadium Negara.
“By investing in these historic sites, the government aims to attract private investment while preserving Kuala Lumpur’s cultural and ecological heritage,” Johan said. - November 2, 2025
