PAS Youth has lobbied against the 118-storey Warisan Merdeka Tower project, arguing that it is a waste of public money and that it is also very poorly located.

The party will send a multi-point memorandum to Permodalan Nasional Bhd (PNB) chairperson Hamad Kama Piah on Thursday, appealing to the state-owned enterprise to drop the project.

"It is a waste of money. It has no economic spillovers whatsoever, especially for the 40 percent urban poor who are struggling with inflation, household debt and low salary," Federal Territories PAS Youth chief Khairil Nizam Khirudin said in a press statement yesterday.    

Plans for the RM5 billion project, in an older part of Kuala Lumpur, were revived by PNB after a delay of more than two years.

Promoted by Prime Minister Najib Abdul Razak, it is aimed at constructing the world's third tallest building. When completed, the tower will have luxury condominiums, hotels and business premises.

Khairil said the tower would be situated adjacent to heritage sites such as Stadium Merdeka and Stadium Negara and would therefore mar the historical area.

Parliament has already been told that the building plans could clash with the National Heritage Act of 2005, which governs development of protected areas.

But citing a 2013 property consultant survey, Khairil said there is already a glut in office space, shopping complexes and condominiums in the Klang Valley.

He said the government should work towards managing the surplus, and not approve the addition of more space.

Merdeka Tower also threatens to exacerbate traffic congestion, given that the area  - Jalan Hang Tuah, Jalan Maharajalela and Jalan Stadium - experience heavy traffic outflow from the 'Golden Triangle.'