Financial Park Labuan To Revive Long-idle Block 5 Tower Into Modern Office Space

By Jailani Hasan

LABUAN, June 25 (Bernama) -- Labuan’s largest mixed development developer, Financial Park (Labuan) Sdn Bhd, is breathing new life into the long-vacant Block 5 Tower by transforming it into a modern office building, in a move expected to enhance the island’s commercial property offerings.

Chief executive officer Johari Mesar said the tower, located within the Financial Park Complex, had undergone multiple proposed development plans over the years, including for private higher education institutions and private hospitals. 

“However, the company has now decided to proceed with repurposing the tower exclusively for office use. The management has installed four new lifts in the tower, marking a major step towards unlocking the building’s full potential. 

“The lift installation itself is key to facilitating the redevelopment and allowing us to move forward with our plans,” Johari told Bernama after the handing over of strata title to shop and apartment owners at the complex today.

He noted that the development would be carried out in phases, with the first phase involving the upgrading and preparation of 10 floors for occupancy.

"Efforts must be thoroughly strategised to promote and market the new office spaces to potential tenants,” he said.

Johari shared that the refurbished tower would complement the main office tower within the Financial Park Complex, offering additional premium office space to meet growing demand for commercial infrastructure on the island.

“The revitalisation of Block 5 Tower is part of the broader strategy by Financial Park to optimise its assets and contribute to Labuan’s position as a competitive business and financial hub," he added.

--BERNAMA