CapitaLand buys 62pc of Sungei Wang's retail area, KL City Centre

Thursday, June 26, 2008

The Singapore-based CapitaLand Ltd has bought 62 per cent of the retail area at Sungei Wang Plaza for RM595 million.

The purchase covers 510,418 million sq ft retail area and parking bays at the mall, which enjoys close to 100 per cent occupancy and more than 24 million visitors annually.

CapitaLand, which is also the largest real estate company in Southeast Asia, had undertaken an asset securitisation structure for the purpose, which its spokesperson said was the most suitable platform at the moment.

"This asset base structure the company has decided upon is the most optimum capital structure for the purpose," the spokesperson told Business Timess yesterday.

The mall is held by a special purpose vehicle, Vast Winners Sdn Bhd, which has issued three tranches of senior medium- term notes and a tranche of subordinated Class D medium- term notes.

Under the exercise, CapitaLand subsidiary Gain 888 Investments Pte Ltd has fully subscribed to the subordinated Class D medium-term notes, worth about RM338 million, which are under equity bond.

The remaining Class A, B and C medium-term notes, which fall under debt, are undertaken by a Malaysian financial institution.

Commenting on the acquisition, chief executive officer Pua Seck Guan said the purchase puts CapitaLand's plan to create a Malaysian retail real estate investment trust (REIT) this year on track.

CapitaLand had earlier bought Gurney Plaza in Penang and Mines Shopping Fair in Seri Kembangan, near Kuala Lumpur. Collectively, the three assets amount to approximately RM2 billion.

"Through our proactive management and by leveraging on our retail real estate management expertise, there are tenancy remixing opportunities to create significant value at Sungei Wang," Pua said in a statement.

Last year, Landmarks Bhd sold Sungei Wang Plaza for RM284.8 million cash to Kencana Property Management Sdn Bhd, which is 70 per cent owned by Abdul Jaliludin Jamalludin and 30 per cent by Simon Wee Howe Yew.

Opened in 1977, the eleven-storey mall has over 824,000 sq ft retail area, more than 800 retail outlets and 1,300 parking bays.

By New Straits Times (by Zurinna Raja Adam)

Office For Rent in Menara Hap Seng, Jalan P Ramlee, KL City Centre

Menara Hap Seng (previously known as MUI Plaza) on Jalan P Ramlee is a prestigious commercial office building in the Golden Triangle of Kuala Lumpur. Close to the KLCC Twin Towers and KL tower, it is in the buzzing presence of Bukit Bintang. Formerly known as the MUI Plaza, it was acquired by Hap Seng in 2004.

Menara Hap Seng was built in the mid-1970’s. It is situated on freehold land, and has undergone a major facelift to fit into today’s modern design with a new stunning facade and modern interior design. There are 22 floors in this building including the ground floor, but only 21 of these levels are actually corporate suites.

Menara Hap Seng also has a Podium Auditorium & Conference Centre (PACC) which is a boutique conference centre which has an auditorium with a maximum capacity for 300 people. There are also two seminar rooms which can fit under 220 guests, as well as a VIP room. An exhibition gallery is also available on the first floor and the roof garden is also available for rent, which is great for cocktail parties.

There is also a forecourt with water features, landscaping, 3 levels of alfresco dining, retail outlets and more. The functional floor layout is about 13,000 sf per floor. Other than this, there are 6 passenger lifts, a service lift, new air-conditioning system, upgraded fire safety alarms complete with smoke detectors and sprinklers, and 24 hour security and surveillance system. There are also 2 levels of parking, and there are more than 300 car parking bays.

As Menara Hap Seng is on Jalan P Ramlee, and in between Jalan Sultan Ismail and Jalan Raja Chulan, Menara Hap Seng is easily accessible to anyone. All modes of public transportation also service the area, such as the Raja Chulan Monorail or the Bukit Nanas Monorail stations. The nearby vicinity includes the Shangri-La Hotel, IMC Office building, UBN Tower, The Weld, and Hap Seng Star’s Mercedes-Benz Autohaus.

Property Details

Name: Menara Hap Seng (previously known as MUI Plaza)
Address: Jalan P Ramlee, Kuala Lumpur
Completion Date: Mid-1970’s
Type: Commercial Office
Tenure: Freehold
No. of Blocks: 1
No. of Storeys: 22
Built-up: 286,000 sf
Rental: RM6.00 psf

Facilities

Water features
Landscaping
7 lifts (6 passenger, 1 service)
Air-conditioning system
Fire alarm and sprinkler system
24 hour security
Basement parking

The Podium area of Menara Hap Seng is a good fit for the area, as it provides workers both within the building, and close by to enjoy a good meal with colleagues or clients, or just relax with a massage treatment after a hard day’s work. Current tenants include Brussels Beer Cafe, Cigars Lounge, Dessert Bar, Maybank, Starbucks, CIMB, a florist, specialist golf store, and much more. As a result, other prospective businesses will be in good stead with many excellent lifestyle-related tenants around.

As for renting the office space, Menara Hap Seng is an excellent place especially with its modern facelift. Although there are many other office spaces to rent, it is well located and perfect for greeting clients.

Analysis

Formerly known as MUI Plaza, it has revitalised and upgraded itself to the modern looking Menara Hap Seng. As the name suggests, the anchor tenant here is Hap Seng, which moved to its new headquarters in 2004.

As the PACC is in a central area of the city, and is near many of KL’s top hotels such as the Shangri-La, Pacific Regency, and the Crowne Plaza, it is an excellent place to hold conventions or product launches on a smaller scale without having to pay the extreme cost of holding it at the Kuala Lumpur Convention Centre which is also close by.

Office For Rent in UBN Tower, Jalan P Ramlee, KL City Centre

UBN Tower is a mixed residential and business center tower that is located in Jalan P Ramlee. It is situated next to Shangri-La Hotel and just opposite of Concorde Kuala Lumpur.

The size range of UBN Tower is from 1,000 sf to over 6,000 sf for each unit. This applies for the residential building which provides 3 bedrooms, 2 baths, a kitchen area and a dining area.

The area is known as a strategic spot for Central Business District, Jalan Sultan Ismail. It is also surrounded by IMC Tower and Prudential Building and the nearest monorail station is the Bukit Nanas Monorail station. The building also applies centralized air-conditioning and with the basement parking bay connected with Shangri-La Hotel, parking should not be a problem tenants and visitors.

Facilities at UBN Tower such as marketplace, cafeteria, business centers and 24 hour security service are available. The tower gives the view of the KLCC Tower, KL Tower as well as Times Square building. The closest medical center is Tung Shin Hospital that is approximately around twenty minutes drive away.

Families can reside in the residential condominium, which is known as UBN Apartment. There are plenty of primary and secondary school nearby including institutes for higher learning students such as Berjaya Hospitality and Tourism College, SAL College and International Business School. The distance to other entertainment hubs like KLCC and Berjaya Times Square is only a few minutes drive away and public transportation is available all the time around the area.

Property details

Name: UBN Tower
Address: Jalan P. Ramlee, Kuala Lumpur
Tenure: Freehold
Type: Mixed Commercial / Residential
No. of Blocks: 2
No. of Storey: 35
Rental
Office: RM5.00 – RM8.00 psf
Apartment: RM3,000 – RM5,000

Facilities

Swimming pool
Gymnasium
Clubhouse
Sauna
Tennis court
Squash court
24 hour security service

Analysis

UBN Tower is located in the most strategic area in Kuala Lumpur that is close to a lot of other business centers and entertainment hubs. It is a close drive away to other tourist attractions such as KLCC, Berjaya Times Square and Istana Budaya. The National Heart Institute is also a few minutes’ drive away.

Families will be able to live in the area with the available primary and secondary schools and colleges nearby. The location is near Jalan Ampang which will lead to the Federal Highway as well as the new SMART tunnel and NPE Expressway.

Office For Rent in Plaza Atrium, Jalan P Ramlee, KL City Centre

Plaza Atrium was a corporate office tower designed by renowned architect Kenneth Yeang and completed in 1984. The 24-storey building is located next to buildings like Menara Pan Global, Menara SMI and Wisma Kim Seah along Lorong P Ramlee in Kuala Lumpur.

Plaza Atrium can be accessed via Jalan Sultan Ismail and Jalan P Ramlee and turning off into Lorong P Ramlee. It is also surrounded by 4 & 5 star hotels like Shangri-La, Pacific Regency Hotel Suites, Concorde Hotel and shopping malls, The Weld, Life Centre, and of courseKLCC Suria Shopping Mall nearby.

In 2005, an application was made to redevelop and extend the old building. The redevelopment of Plaza Atrium will include 109 service apartment units stretched over 34 floors in an annexed wing. The proposed extension to the original building however, was put on hold in December 2005 following a directive from the Cabinet to the DBKL with regards to service apartments built on commercial land in Kuala Lumpur.

7 different projects around the city were imposed a temporary freeze on development. Lauded by the then hon-sec-general of the National House Buyers Association (HBA), the temporary freeze was helpful as the move would subsequently include service apartments under the Housing Development Act and enjoy its protection for the benefit of home owners.

The current redevelopment of Plaza Atrium is being undertaken by Pinehigh Development, a property investment arm of Orchard Parade Holdings Ltd, based in Singapore.

Property Details

Name: Plaza Atrium
Address: Lorong P Ramlee, 50450 Kuala Lumpur
Developer: Pinehigh Development (Current)
Completion Date: 1982 (original building)
Tenure: Freehold
Type: Mixed development
No. of Units: 109 service apartment units
No. of Storey: 24 + 34 (extension building)
Land Area: 0.52 acres
Rental: RM5.00 psf (previous)

Analysis

Not much is known in terms of the final layout and launch of the redevelopment of Plaza Atrium. A build-then-sell project, Pinehigh is set to reap its reward despite the delay as the building is poised at a strategic location with prospective ROIs for both the office tower and service apartments. With neighboring office tower, Menara Pan Global reaping at least RM5.50psf, the redeveloped Plaza Atrium will definitely fetch a higher rental.

The location of Plaza Atrium is surrounded by many amenities including 2 LRT stations in opposite directions, Bukit Nanas Monorail & Raja Chulan Monorail, just 2-3 minutes drive or 11-12 minutes walk away. Fast food restaurants or fancy cuisine restaurants litter the area that is also known to tourists. The nearest (other) residential property is UBN Apartment, a 24-storey condominium.

Office For Rent in Menara Pan Global, Jalan P Ramlee, KL City Centre

Office To Let in Menara Pan Global

Size: 590 sf – 12,836 sf

Rental: RM3.80 - RM4.20 psf

Call: Max Yong +6012 2868877

Email: klofficefinder@gmail.com

Menara Pan Global is located right in the heart of Kuala Lumpur off Jalan P Ramlee. This is a tall and elegant building you are sure not to miss. It is only 10 minutes from the world renowned KLCC. It is surrounded by many facilities and amenities for convenience.

If you think the outside of the Menara Pan Global looks great, wait till you see what’s inside. It has a wide variety of entertainment services that ensures you are entertained all the time.

One of the most famous night hang out spots at Menara Pan Global is the Luna Chill Out Bar which won the HAPA Regional Best Nightspot for 2 years in a row (2008-2010). Other great spots for hanging out include the Geo Cafe, Soi 23 Fine Thai Restaurant and the Olive Lounge.

In terms of accessibility, Menara Pan Global has easy access to public transport, such as Bukit Nanas / Raja Chulan Monorail stations, and Dang Wangi LRT station.

Property Details

Name: Menara Pan Global
Address: Lorong P Ramlee, Kuala Lumpur
No. of Storey: 38
Built-up: From 590 sf – 12,836 sf
Rental: RM3.80 - RM4.20 psf

Facilities

Pacific Regency hotel suites
Pan Global business centre
Meeting / function rooms
Mini mart / convenience store
Cafeteria
Swimming and wading pools
Gymnasium, jacuzzi and sauna
24-hour security
441 covered parking lots

Analysis

The best thing about Menara Pan Global has to be its location. Located right in the middle of the capital city of Malaysia, Kuala Lumpur, it is surrounded by facilities such as banks and a post office.

Eating is also convenient as there are abundant food courts outside Menara Pan Global, if one wishes to try other food besides the ones available inside it. Near the area is also countless entertainment outlets and a few major shopping complexes, the nearest one being KLCC.

Ironically, the location of Menara Pan Global also serves as one of its drawbacks. Public transport is very convenient however driving a car would prove to be quite troublesome. Since it is in the middle of KL City, traffic jams are very common, hence driving during peak hours is very inadvisable.

Office For Rent in Menara SMI, Jalan P Ramlee, KL City Centre

Office To Let - Menara SMI
Rental: RM3.00 - RM3.50

COntact: Max Yong

Call/SMS: +60122868877

Email: klofficefinder@gmail.com

Menara SMI is an office tower located in Lorong P Ramlee, Kuala Lumpur. Situated just off the main road of Jalan P Ramlee, the building is slightly tucked away and the back of the tower faces the Bukit Nanas Forest Reserve and KL Tower.

Menara SMI is also sandwiched between Menara Pan Global and AmBank Group Leadership Centre located on the same row. The area is also just 2 minutes away from the main thoroughfare of Jalan Sultan Ismail, which connects right through the city center and is host to many luxury hotels, residences and shopping malls.

The Bukit Nanas Monorail station is a 10 minute walk or 2 minutes drive away, or alternatively, the Raja Chulan Monorail Station in the opposite direction takes about the same amount of time. The nearest shopping mall is The Weld Shopping Center which is within walking distance, while the Petronas Twin Towers and Suria KLCC shopping mall is less than 10 minutes drive away.

Built in the 1980’s Menara SMI is owned by South Malaysia Industries Bhd (SMI) - a property and investment company. The 15th floor is SMI's office headquarters while most of the other floors are tenanted.

Property Details

Name: Menara SMI
Address: Lorong P Ramlee, 50250 Kuala Lumpur
Completion Date: 1980’s
Tenure: Freehold
Type: Commercial
No. of Storey: 15 floors
Rental: From RM3.50

Facilities

Covered parking
24hrs security

Analysis

Rental has maintained since 2007 at about RM3.00 – RM3.50 psf. Tenants in Menara SMI include SMI’s subsidiaries, other property management companies, engineering and trade companies, etc. The neighboring Menara Pan Global which has a lot more facilities and popular restaurants and bars, are rented out from RM3.80 - RM4.20 psf.

The LRT / Monorail stations are close enough for those who prefer public transportation as opposed to the traffic jams that are notorious to KL. Lorong P Ramlee is slightly better as it is off the main road and there are only about 6 office towers down the lane. But it does mean that cars tend to be parked alongside the roads causing a bit of congestion.

The forest reserve behind Menara SMI provides a bit of respite and cool air amidst the concrete jungle of buildings in KL. More is to be expected of the area, as St. Mary Residences, a high-end luxury residential project is being built close by, to be completed in 2012.

Office For Rent in Wisma Nusantara, Jalan P Ramlee, KL City Centre

Office To Let - Wisma Nusantara

Built-up: 733 to 6,364 sf

Rental Price: RM4.00 psf

Contact: Max Yong

Call/SMS: +60122868877

Email: klofficefinder@gmail.com

Wisma Nusantara is a 15-storey commercial building located alongJalan P Ramlee in KL City Centre. Despite being constructed quite a long time ago, this office building is no doubt located at the most strategic and prime area of Kuala Lumpur, offering great access to various amenities and facilities, be it business activities or leisure activities. 

Wisma Nusantara is located very close to a lot of shopping complexes such as Suria KLCC, BB Plaza, Wilayah Complex, KL Plaza, and The Pavilion. Apart from that, various parks and playgrounds such as ParkKLCC, Small City Park, Dataran Merdeka, Park L Raja Muda, and Padang Merbuk are also within short distance from Wisma Nusantara.

It is also close to numerous interesting places such as Market Square, Times Square Theme Park, Cultural Craft Complex, Shophouses along Jalan Hang Kasturi, National Historical Muzium, Tunku Abdul Rahman Memorial, Butterfly Park, and Islamic Arts Museum.

As for places to dine out, Nouvo, Grand Modesto’s, Hard-rock Cafe, Eden Village, Planet Hollywood, Hakka Restaurant, Seri Melayu Restaurant, and Bon Ton Restaurant are among the many eateries and food outlets found around Wisma Nusantara.

In terms of educational institutions, schools and colleges located near to Wisma Nusantara includeSMK St John, SJK © Nan Kai, SJK © Lai Ming, SJK St John, SMK Convent Bukit Nanas, Rima College, and Olympia College KL Campus.

Thanks to its strategic location, Wisma Nusantara is well connected to major cities and towns such as Cheras, Ampang, and Petaling Jaya, as well as the Kuala Lumpur City Centre (KLCC). It is well served and accessible via major highways and expressways such as the DUKE highway, Kuala Lumpur – Seremban Highway, Ampang KL Elevated Highway (AKLEH), Middle Ring Road 2 (MRR2), and SMART expressway.

Property Details

Name: Wisma Nusantara
Address: Jalan Puncak, Off Jalan P Ramlee, 50250 Kuala Lumpur
Completion Date: Late 1970’s
Type: Commercial Office
No. of Storey: 15
Built-up: 733 to 6,364 sf
Rental Price: RM4.00 psf

Facilities

Covered parking
Cafeteria
24-hour security

Analysis

Being surrounded by several other new and modern commercial buildings, the facade of Wisma Nusantara, which was built in late 1970s appears to be a bit old and worn down. In fact, it is the first building ever built at this part of road of Jalan Puncak.

Office For Rent in Menara Taipan, Jalan P Ramlee, KL City Centre

Menara Taipan (also known as The Taipan) is located onJalan P Ramlee, which is also known as Parry Road, where the nights come alive. Under possession of Taipan Star Sdn Bhd (TSSB), the property is less than 1km away from the significant landmark of Kuala Lumpur - Menara KL.

Other condominiums nearby Menara Taipan are UBN Apartment, Crown Regency, Marc Service Residence, Kirana Residence and Ascott Kuala Lumpur. This serviced apartment cum office building was completed in the year 2006 at a cost of RM100 million.

Menara Taipan consists of an 18-storey office and 25-storey of apartment. The office building consists of units with sizes ranging from 1,700 to 7,000 sf; while the apartment block comprises of 52 units with sizes ranging from 2,000 to 5,610 sf.

Eating is convenient, as a large variation of eateries is within walking distance from Menara Taipan, as well as a food court located at ground and mezzanine floors. Within a 1km radius, there are two shopping centres - The Weld and Suria KLCC.

Jalan P Ramlee, having renowned for its overgrowing population of nightclubs, houses several popular nightspots such as Beach Club, Aloha, Thai Club, Poppy Garden and Rum Jungle.

Menara Taipan is close to a number of schools and education institutions too, which are SJK © Lai Ming, SRK (P) Convent Bukit Nanas, SM (P) Convent Bukit Nanas and Universiti Kuala Lumpur (UniKL).

Property Details

Name: Menara Taipan (also known as The Taipan)
Address: Jalan P Ramlee, 50450 Kuala Lumpur
Developer: Taipan Star Sdn Bhd
Completion Date: 2006
Type: Office & Serviced Apartment
Tenure: Freehold
No. of Blocks: 2
No. of Storey
Office: 18
Apartment: 25
No. of Units
Apartment: 52
Built-up
Office: 1,700 - 7,000 sf
Apartment: 2,000 - 5,610 sf
Launch Price: Building up for sale at an estimated RM306 million
Rental: RM5.00 - RM7.00 psf

Facilities

24-hour security
Cafeteria and restaurant
ATM machines
Centralized air-conditioning system
Broadband Internet services
213 parking bays

Analysis

Menara Taipan is developed by TSSB, under directors of SHL Consolidated Bhd, which is also renting Wisma Sin Heap Lee and Wickham Residence. Although listed in Rahim & Co’s website, it is said that it is no longer involved in the sale of Menara Taipan. It is listed for sale at RM306 million. There were futile attempts to confirm the sale as TSSB refuses to comment on the matter.

Menara Taipan, as a serviced apartment, offers luxury living style and a low density residential as its 25-storey apartment block consists of only 52 units. However, there has been a rave regarding the nightclubs along Jalan P Ramlee, as well as the usual jam-packed roads in the Golden Triangle, thus high levels of noise pollution are inevitable.

Nevertheless, Menara Taipan is nested further from the clubs, the closest ones being the Beach Club and Aloha, hence it does make a conducive environment for both living and working.

Units facing Menara KL can be sold at its highest price. The serviced apartment suggests a comfortable city lifestyle with great convenience, the desire for everyone living within the vicinity, hence it is believed that its selling price would mount tremendously in the future.

However, located within the Golden Triangle, traffic congestion is commonly expected at all times. Nevertheless, Menara Taipan is also highly accessible as affordable public transportation services are provided, for example Bukit Nanas Monorail station and RapidKL LRT Dang Wangi station
.