KUALA LUMPUR – Khazanah Nasional Bhd has defended its RM600 million investment for heritage restoration works in Kuala Lumpur, saying the sum covers not only the refurbishment of the historic Carcosa and Seri Negara but also the conservation of six blocks within the Sultan Abdul Samad Building complex.
Its managing director, Datuk Amirul Feisal Wan Zahir, said the initiative — part of the Warisan KL programme — aims to revitalise the capital’s cultural legacy while redefining its role as a creative and economic hub.
“This investment connects Malaysia’s history with a creative and progressive future,” Amirul Feisal said in a statement, adding that Khazanah remains committed to supporting national priorities through sustainable, inclusive, and long-term development.
Prime Minister Datuk Seri Anwar Ibrahim had earlier announced during the tabling of Budget 2026 that Khazanah would allocate RM600 million for restoration works on Carcosa and Seri Negara, the colonial-era residence built in 1896 by Sir Frank Swettenham.
The mansion, which later became the official residence of Malaya’s first British High Commissioner, was reclaimed by Malaysia from the British government following negotiations.
However, the announcement drew criticism from opposition leader Datuk Seri Hamzah Zainudin, who questioned whether the investment would yield meaningful returns.
“I’m puzzled. If you want to restore Carcosa, that shouldn’t come from Khazanah’s funds. That’s not the way. It’s wasteful,” the Perikatan Nasional (PN) leader said during the 2026 Supply Bill debate in Parliament today.
Hamzah suggested the property could instead be privatised to companies capable of restoring and managing it, potentially generating rental income for the government.
“Why not privatise Carcosa and lease it to capable companies — say RM2 million or RM3 million a year for 30 years? That’s close to RM100 million in returns. Can RM600 million bring back that kind of return?” he asked, calling the project a possible “sleight of hand” involving public funds.
He also reminded the government that government-linked investment companies (GLICs) such as Khazanah should focus on strengthening Malaysia’s economic resilience and delivering long-term gains for the people.
“GLICs must remain free from political interference, and every investment must be performance-based. If they incur losses, the people — EPF contributors, KWAP pensioners, and PNB investors — are the ones who pay the price,” Hamzah said.
Khazanah’s Warisan KL initiative forms part of its broader commitment under the government’s Ekonomi MADANI framework and the upcoming 13th Malaysia Plan (RMK-13), which also includes support for strategic industries such as semiconductors, renewable energy, and rare earths. — October 13, 2025