Urbanization is the access to modernization and development around the world. Nowadays, with the current technology development, smart cities are seen as a new approach in urban management and development. 3D asset management is one of the components to support the idea of smart city. 3D asset management is important to assist the monitoring and maintenance of asset in smart city by enabling visualization of 3D models, locating and query in real-time based. In Malaysia, the government is looking seriously at the issues of asset management and maintenance. This is happened because asset management in present day is already moving towards the revolution of smart city but still considered as time consuming and open to human errors as the asset managers or authorities still considering on paper-dependent and manual inspection practise. In the past few years, Malaysia has developing an electronic-based asset management, MySPATA that is made prior to the inefficiency on the asset management system. MySPATA has been introduced as electronic based asset management solution for immovable assets that belong to various department and ministries. However, the creation of MySPATA is considered as bland and time-consuming as its application only storing and displaying asset information. Thus, the implementation of 3D asset management is required for a better and effective management. In this paper, we proposed the conceptual model of 3D asset management by incorporating with the new CityGML standard. The proposed 3D asset management is based on MySPATA module. CityGML plays an important role in demonstrating the 3D asset management for modelling, string and exchanging city models in the international standard. So, the 3D asset management is developed based on MySPATA module that integrated with new CityGML concept. Therefore, with this new approach and concept, the managing of assets will lead for better management and maintenance.