Retail / Office Lot For Rent
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- Lot Size: 540sf / Rental: RM5000
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- Email: klofficefinder@gmail.com
Showing posts with label kuala lumpur office space. Show all posts
Showing posts with label kuala lumpur office space. Show all posts
Wednesday, February 27, 2013
Thursday, February 21, 2013
Office For Rent In G Tower, KLCC, Jalan Tun Razak
GTower is a Grade A++ corporate office tower. It is Malaysia’s first internationally recognized green development. It is located along Jalan Tun Razak, right beside Tabung Haji building. It is also neighboring Sapura Auto, PNB Darby Park Executives Suites, PNB Tower and Nikko Hotel.
GTower is an integrated offices, hotel and club building. It comprises of 120,000 sf of open office space, a 180-room 5-star boutique hotel, 112 CEO duplex office suites ranging from 2,500 sf to 7,200 sf, and club facilities together with food and beverages and recreational facilities. Its recreational facilities include infinity pool, gymnasium, spa, yoga and reflexology. There are 1,093 covered car parks available in the building.
Nestled in the heart of the city centre, GTower is nearby plenty of amenities and facilities. As for eateries, there are Lotus Restaurant, PNB Cafe, Royal China, Bombay Palace, Pelita Nasi Kandar and Chef Choi Cantonese Restaurant located nearby. In addition, it is just across Ampang Park Shopping Mall. Besides that, it is within close proximity to Suria KLCC, Pavilion and Avenue K. It is also just 1.3 km away from Royal Selangor Golf Club.
GTower is an integrated offices, hotel and club building. It comprises of 120,000 sf of open office space, a 180-room 5-star boutique hotel, 112 CEO duplex office suites ranging from 2,500 sf to 7,200 sf, and club facilities together with food and beverages and recreational facilities. Its recreational facilities include infinity pool, gymnasium, spa, yoga and reflexology. There are 1,093 covered car parks available in the building.
Nestled in the heart of the city centre, GTower is nearby plenty of amenities and facilities. As for eateries, there are Lotus Restaurant, PNB Cafe, Royal China, Bombay Palace, Pelita Nasi Kandar and Chef Choi Cantonese Restaurant located nearby. In addition, it is just across Ampang Park Shopping Mall. Besides that, it is within close proximity to Suria KLCC, Pavilion and Avenue K. It is also just 1.3 km away from Royal Selangor Golf Club.
Property Details
- Name: GTower
- Address: 199, Jalan Tun Razak, 50400, Kuala Lumpur
- Developer: GTower Sdn Bhd (a subsidiary of Goldis Berhad)
- Completion Date: June 2009
- Type: Commercial office
- Tenure: Commercial
- Built-up: 2,500 sf onwards
- No. of Blocks: 1
- Rental: RM6.50 psf
Facilities
- 24-hour security with CCTV and RFID card access system
- Gigabyte bandwidth (on request)
- WiFi Hot Spot
- Data Centre
- Concierge service
- 1,093 covered car park bays
- Food centre
- Penthouse Club
- Penthouse sky lounge, alfresco dining and a unique bridge bar
Analysis
GTower is the first and only corporate office to be rated Grade A++ in Malaysia. The first plus is gained for its achievement on an environmental-friendly standard from Singapore’s prestigious Building & Construction Authority (BCA) Green Mark GOLD certification (provisional); and another plus for Multimedia Super Corridor (MSC) compliant building and connectivity specifications. Its environmentally-friendly structure cuts its carbon dioxide emissions and also maximizes energy and water efficiency.
GTower is reachable via public and private transportation. It is located right next to Ampang Park Putra LRT station. There is also a taxi and bus stand located in front of the shopping centre. It is easily accessible from Jalan Tun Razak and Jalan Ampang. It is also within short distance to Ampang-Kuala Lumpur Elevated Highway (AKLEH) that leads to Ampang neighborhood.
Tuesday, February 5, 2013
Office For Rent in Plaza See Hoy Chan, Jalan Raja Chulan, KL City Centre
Office To Let - Plaza See Hoy Chan
Lot Size: 10,000sf; Rental: RM3.50 psf
Contact: Max Yong
Call/SMS: +6012 2868877
Email: klofficefinder@gmail.com
Call/SMS: +6012 2868877
Email: klofficefinder@gmail.com
Office For Rent in The Weld, Jalan Raja Chulan, KL City Centre
Office To Let - The Weld (Menara Weld)
Lot Size: 1,195sf - 11,310sf; Rental: RM5.00 - RM5.50
Contact: Max Yong
Call/SMS: +6012 2868877
Email: klofficefinder@gmail.com
Call/SMS: +6012 2868877
Email: klofficefinder@gmail.com
Office For Rent in UOA II & UOA Centre, KLCC
Office To Let - UOA II & UOA Centre
Lot Size: 969 - 15,000 sf.
Rental (Office Lot): RM3.50 - RM5.00 per sqft.
Rental (Retail lot): RM4.20 onwards per sq.ft.
Contact: Max Yong
Call/SMS: +6012 2868877
Email: klofficefinder@gmail.com
Call/SMS: +6012 2868877
Email: klofficefinder@gmail.com
Office For Rent in UOA II, Jalan Pinang, KLCC
A 39-storey integrated retail and office building designed to blend harmoniously with UOA Centre situated in the heart of the financial district. Tenants include government associations, multinationals insurance companies and law firms.
Address : No. 21, Jalan Pinang, 50450 Kuala Lumpur
Location : Located just adjacent to UOA Centre and as such, it also enjoys the benefits of being situated in the heart of the ‘Golden Triangle’ area.
Description : A contemporary designed 39-storey retail and office building integrated with 5-levels of car parking space.
No. of Car Park Lots : 643
Lot Size: 969 - 15,000 sf.
Rental (Office Lot): RM3.50 - RM5.00 per sqft.
Retal (Retail lot): RM4.20 onwards per sq.ft.
Lot Size: 969 - 15,000 sf.
Rental (Office Lot): RM3.50 - RM5.00 per sqft.
Retal (Retail lot): RM4.20 onwards per sq.ft.
Office For Rent in UOA Centre, Jalan Pinang, KLCC
A 33-storey modern office building situated in the heart of Kuala Lumpur’s prime business, banking and shopping district or more widely known as the ‘Golden Triangle’ area.
It commands a view of the picturesque 50-acre KLCC Park and is opposite the Kuala Lumpur Convention Centre. Tenants of the building include financial services companies, multinational companies and trading companies.
Address : No. 19, Jalan Pinang, 50450 Kuala Lumpur
Location : Situated between Jalan Pinang and Jalan Perak, the building enjoys dual frontage on both roads. Well within walking distance to rapid rail transportation terminals and serviced by numerous bus lines that service all parts of Klang Valley.
Description : A stylish 33-storey building integrated with 6-levels of car park comprising of 2 integrated blocks which include office suites and business suites.
No. of Car Park Lots : 208
Lot Size: 969 - 15,000 sf.
Rental (Office Lot): RM3.50 - RM5.00 per sqft.
Retal (Retail lot): RM4.20 onwards per sq.ft.
No. of Car Park Lots : 208
Lot Size: 969 - 15,000 sf.
Rental (Office Lot): RM3.50 - RM5.00 per sqft.
Retal (Retail lot): RM4.20 onwards per sq.ft.
Friday, February 1, 2013
New face for old landmark in KL City Centre
Monday, October 22, 2007
By THE EDGE
It is a tired 34-year-old office building in the heart of Kuala Lumpur's Golden Triangle. But its owners knew its location made it the right piece of property to be tapped to its full potential.
With just a few more floors of the 22-storey building to be refurbished, Menara Hap Seng Sdn Bhd — the owners of Menara Hap Seng — is excited about unveiling the RM60-million makeover of the former MUI Plaza on Jalan P Ramlee by year-end.
Menara Hap Seng Sdn Bhd is a wholly owned subsidiary of Main Board-listed Hap Seng Consolidated Bhd, which had bought the building together with an adjacent piece of land in 2004.
Property development is one of Hap Seng Consolidated's core businesses. The group is among Sabah's largest developers of townships and mixed landed developments. Its current projects in East Malaysia include Taman Kingfisher Sulaman in Kota Kinabalu, Bandar Sri Perdana in Lahad Datu, Astana Heights in Sandakan, Taman Miramas in Semporna and Bandar Sri Indah in Tawau. Menara Hap Seng marks its entry into the Klang Valley property market.
The once-grey building now sports sleek contemporary features and fittings and is envisioned to become a landmark Grade A office building in the Golden Triangle. Located opposite Shangri-la Hotel and behind Menara Weld, it is within walking distance of KLCC.
Many, even KL-lites, may not know this but the building was originally designed as a hotel, reveals Datuk Paul Ng, the chief executive of Hap Seng Land's property division.
This inspired the new owners to leverage on the building's unique design in its refurbishment plans, giving the office building the feel of a modern city hotel.
"For an office building, the design is rather peculiar. You will notice the long driveway and the systematic window grid, which are characteristics of a hotel. While researching the building's history, I found out that it was originally designed to house the former KL Hilton but for some reason that did not work out," says Ng.
The first three floors of the building will now be the retail podium of Menara Hap Seng, comprising a grand lobby, lounge areas, cafés and restaurants offering moderate to fine dining, and speciality stores. "This is where business meets leisure," says Ng.
To emphasise the "hotel" features of the building, the landlord will introduce services often found at a hotel lobby and entrance, such as valets and concierge service. There will even be a doorman to greet you as you walk in. About 75% of the building has already been leased out, with many of the tenants scheduled to come in once the refurbishment is completed. More offices will be open for lease then. The tenants include Maybank, CIMB, Mitsui-Sumitomo Insurance, The Korean Trade and Investment Agency and Borneo Oil & Gas Sdn Bhd. Those that were there before the new owners took over make up about 30% of present tenants.
"We are selective about our tenants because we want those who will utilise the facilities that we have here," Ng says, adding that the group wanted to offer Grade A offices in a prime location because "the demand is there, and also because we can keep them for investment".
One floor will be dedicated to serviced offices while the top five floors of the building will house the group's headquarters, which are currently in Petaling Jaya. Other facilities include high-speed elevators, spacious corridors and foyers, quality finishing, a modern building control system, 24-hour security and controlled access.
Chanced buy
According to Ng, Hap Seng acquired the building in 2004 by chance. "One of Hap Seng's businesses is selling Mercedes cars. (The group is the authorised dealer for Mercedes-Benz and Smart vehicles in Peninsular Malaysia).
"We were looking for a suitable site for our Mercedes showroom in KL and found this vacant lot. It so happened that the owner of the vacant lot owned the building (MUI Plaza) next door. So we thought, 'why not kill two birds with one stone and buy both the properties since it is under the same owner?' So we went knocking on the owners' door and persuaded them to sell the building as well. So we ended up buying two properties instead of one."
Hap Seng's impressive Mercedes-Benz Autohaus showroom is now located on a 31,000 sq ft site at the intersection of Jalan Sultan Ismail and Jalan P Ramlee, with Menara Hap Seng next door.
"At the time, we paid RM166 million for the building or around RM480 psf, a price one would have considered rather steep then. But we still went for it," says Ng.
Why? "As a property developer, one must have an eye for potential and visualise the opportunities. You must have the gut feel when it comes to investments and we had the gut feel for this property. And we believe it was the right decision and the money we paid for it has been worth it. It did not seem like a good buy at the time but on reflection, it is a good buy because today, the speculative pricing per sq ft, I would say, is almost RM800 psf," he adds.
Ng has 25 years of experience in the industry, with a background in architecture and property consultancy.
According to him, in 2004, the rental rate for MUI Plaza was around RM3.20 psf. Today, the rates for Menara Hap Seng range from RM4.70 to RM5 psf. "The rate for our next release of office space, which will be when the refurbishment is completed, will probably be around RM5.50 psf," he offers.
Each floor has a space of 13,000 sq ft and the minimum space for lease is 900 sq ft. The rental for the retail lots at the three-level retail podium ranges from RM5 to RM15 psf.
Mass housing
In Sabah, Hap Seng is known as a township and mass-housing developer, particularly in Tawau where it developed its first project. Among its townships is Bandar Sri Indah, which is 10 miles outside Tawau. It is the largest commercial-residential township develoment in Sabah, covering 1,368 acres. The total development consists of over 8,300 homes, 700 shoplots and 550 industrial lots. It also has amenities such as schools, a bus terminal, government departments, a market and a 300-acre ecopark.
Hap Seng has also built affordable housing in Sandakan, Kota Kinabalu and Lahad Datu. To date, it has erected over 8,000 mixed types of properties in excess of RM1 billion and still has more than 2,000 acres of undeveloped land.
However, the group realised that the property action was in West Malaysia, especially in the Klang Valley. It thus started scouting for opportunities to build or rebuild niche properties in strategic locations here. "We have developed our brand in Sabah but it is West Malaysia that has the potential for greater things for us.
"In KL, we want to focus on niche developments such as high-end condominiums and commercial buildings and towards this end, we are busy looking for land and good investment buildings," Ng says.
The developer is in the midst of completing the purchase of three vacant lots, one on Jalan Tun Razak and two on Jalan Kelang Lama. "When developed, we expect the total gross development value (GDV) for the three projects to be more than RM600 million," Ng discloses.
"We are a new developer here on an acquisition trail. We believe our strategy to acquire more land or old properties with potential for redevelopment must be based on prime locations and we don't mind paying top dollar for it. Location is very important for investment," he says, revealing the developer's deep pockets.
However, he adds, property owners are holding back from selling, in anticipation of price increases in the near future.
Puchong development
Besides Menara Hap Seng, the group hopes to launch its 88-acre D'Alpinia development in Puchong by year-end. The development comprises 76 acres of residential homes made up of superlinks, detached and semi-detached houses priced from RM300,000 to RM1 million plus, and 12 acres of commercial development. The total GDV is expected to be more than RM500 million.
"Unlike in Sabah, the KL market expects a lot more, so we have to provide a lot more. Things like auto gates, CCTV security systems, filtered water systems, all these will be standard features in our D'Alpinia homes because purchasers today consider these items as essentials in a home. Most of the time, they have to renovate and add these features on their own but with our homes, they probably won't have to," says Ng.
There was strong response to a pre-registration exercise for D'Alpinia's Phase 1A of 154 units. "There were 1,500 registrants when our whole project, when completed, will offer only 1,000 odd units. It looks like our reputation in Sabah has preceded us," Ng says.
Besides property investment and development, Hap Seng Consolidated is involved in credit financing, trading (fertilisers, automotive, building materials and petroleum), stone quarries and plantations. The group is one of the largest oil palm plantation companies in Sabah, with a total planted area of about 32,700ha. The group plans to list its plantation assets by year-end.
As at Jan 31, 2007, Hap Seng's paid-up capital stood at RM622.66 million while shareholders' funds stood at RM1.53 billion. For FY2007 ended Jan 31, it registered a profit after tax of RM121 million on a turnover of RM1.7 billion.
By THE EDGE
With just a few more floors of the 22-storey building to be refurbished, Menara Hap Seng Sdn Bhd — the owners of Menara Hap Seng — is excited about unveiling the RM60-million makeover of the former MUI Plaza on Jalan P Ramlee by year-end.
Menara Hap Seng Sdn Bhd is a wholly owned subsidiary of Main Board-listed Hap Seng Consolidated Bhd, which had bought the building together with an adjacent piece of land in 2004.
Property development is one of Hap Seng Consolidated's core businesses. The group is among Sabah's largest developers of townships and mixed landed developments. Its current projects in East Malaysia include Taman Kingfisher Sulaman in Kota Kinabalu, Bandar Sri Perdana in Lahad Datu, Astana Heights in Sandakan, Taman Miramas in Semporna and Bandar Sri Indah in Tawau. Menara Hap Seng marks its entry into the Klang Valley property market.
The once-grey building now sports sleek contemporary features and fittings and is envisioned to become a landmark Grade A office building in the Golden Triangle. Located opposite Shangri-la Hotel and behind Menara Weld, it is within walking distance of KLCC.
Many, even KL-lites, may not know this but the building was originally designed as a hotel, reveals Datuk Paul Ng, the chief executive of Hap Seng Land's property division.
This inspired the new owners to leverage on the building's unique design in its refurbishment plans, giving the office building the feel of a modern city hotel.
"For an office building, the design is rather peculiar. You will notice the long driveway and the systematic window grid, which are characteristics of a hotel. While researching the building's history, I found out that it was originally designed to house the former KL Hilton but for some reason that did not work out," says Ng.
The first three floors of the building will now be the retail podium of Menara Hap Seng, comprising a grand lobby, lounge areas, cafés and restaurants offering moderate to fine dining, and speciality stores. "This is where business meets leisure," says Ng.
To emphasise the "hotel" features of the building, the landlord will introduce services often found at a hotel lobby and entrance, such as valets and concierge service. There will even be a doorman to greet you as you walk in. About 75% of the building has already been leased out, with many of the tenants scheduled to come in once the refurbishment is completed. More offices will be open for lease then. The tenants include Maybank, CIMB, Mitsui-Sumitomo Insurance, The Korean Trade and Investment Agency and Borneo Oil & Gas Sdn Bhd. Those that were there before the new owners took over make up about 30% of present tenants.
"We are selective about our tenants because we want those who will utilise the facilities that we have here," Ng says, adding that the group wanted to offer Grade A offices in a prime location because "the demand is there, and also because we can keep them for investment".
One floor will be dedicated to serviced offices while the top five floors of the building will house the group's headquarters, which are currently in Petaling Jaya. Other facilities include high-speed elevators, spacious corridors and foyers, quality finishing, a modern building control system, 24-hour security and controlled access.
Chanced buy
According to Ng, Hap Seng acquired the building in 2004 by chance. "One of Hap Seng's businesses is selling Mercedes cars. (The group is the authorised dealer for Mercedes-Benz and Smart vehicles in Peninsular Malaysia).
"We were looking for a suitable site for our Mercedes showroom in KL and found this vacant lot. It so happened that the owner of the vacant lot owned the building (MUI Plaza) next door. So we thought, 'why not kill two birds with one stone and buy both the properties since it is under the same owner?' So we went knocking on the owners' door and persuaded them to sell the building as well. So we ended up buying two properties instead of one."
Hap Seng's impressive Mercedes-Benz Autohaus showroom is now located on a 31,000 sq ft site at the intersection of Jalan Sultan Ismail and Jalan P Ramlee, with Menara Hap Seng next door.
"At the time, we paid RM166 million for the building or around RM480 psf, a price one would have considered rather steep then. But we still went for it," says Ng.
Why? "As a property developer, one must have an eye for potential and visualise the opportunities. You must have the gut feel when it comes to investments and we had the gut feel for this property. And we believe it was the right decision and the money we paid for it has been worth it. It did not seem like a good buy at the time but on reflection, it is a good buy because today, the speculative pricing per sq ft, I would say, is almost RM800 psf," he adds.
Ng has 25 years of experience in the industry, with a background in architecture and property consultancy.
According to him, in 2004, the rental rate for MUI Plaza was around RM3.20 psf. Today, the rates for Menara Hap Seng range from RM4.70 to RM5 psf. "The rate for our next release of office space, which will be when the refurbishment is completed, will probably be around RM5.50 psf," he offers.
Each floor has a space of 13,000 sq ft and the minimum space for lease is 900 sq ft. The rental for the retail lots at the three-level retail podium ranges from RM5 to RM15 psf.
Mass housing
In Sabah, Hap Seng is known as a township and mass-housing developer, particularly in Tawau where it developed its first project. Among its townships is Bandar Sri Indah, which is 10 miles outside Tawau. It is the largest commercial-residential township develoment in Sabah, covering 1,368 acres. The total development consists of over 8,300 homes, 700 shoplots and 550 industrial lots. It also has amenities such as schools, a bus terminal, government departments, a market and a 300-acre ecopark.
Hap Seng has also built affordable housing in Sandakan, Kota Kinabalu and Lahad Datu. To date, it has erected over 8,000 mixed types of properties in excess of RM1 billion and still has more than 2,000 acres of undeveloped land.
However, the group realised that the property action was in West Malaysia, especially in the Klang Valley. It thus started scouting for opportunities to build or rebuild niche properties in strategic locations here. "We have developed our brand in Sabah but it is West Malaysia that has the potential for greater things for us.
"In KL, we want to focus on niche developments such as high-end condominiums and commercial buildings and towards this end, we are busy looking for land and good investment buildings," Ng says.
The developer is in the midst of completing the purchase of three vacant lots, one on Jalan Tun Razak and two on Jalan Kelang Lama. "When developed, we expect the total gross development value (GDV) for the three projects to be more than RM600 million," Ng discloses.
"We are a new developer here on an acquisition trail. We believe our strategy to acquire more land or old properties with potential for redevelopment must be based on prime locations and we don't mind paying top dollar for it. Location is very important for investment," he says, revealing the developer's deep pockets.
However, he adds, property owners are holding back from selling, in anticipation of price increases in the near future.
Puchong development
Besides Menara Hap Seng, the group hopes to launch its 88-acre D'Alpinia development in Puchong by year-end. The development comprises 76 acres of residential homes made up of superlinks, detached and semi-detached houses priced from RM300,000 to RM1 million plus, and 12 acres of commercial development. The total GDV is expected to be more than RM500 million.
"Unlike in Sabah, the KL market expects a lot more, so we have to provide a lot more. Things like auto gates, CCTV security systems, filtered water systems, all these will be standard features in our D'Alpinia homes because purchasers today consider these items as essentials in a home. Most of the time, they have to renovate and add these features on their own but with our homes, they probably won't have to," says Ng.
There was strong response to a pre-registration exercise for D'Alpinia's Phase 1A of 154 units. "There were 1,500 registrants when our whole project, when completed, will offer only 1,000 odd units. It looks like our reputation in Sabah has preceded us," Ng says.
Besides property investment and development, Hap Seng Consolidated is involved in credit financing, trading (fertilisers, automotive, building materials and petroleum), stone quarries and plantations. The group is one of the largest oil palm plantation companies in Sabah, with a total planted area of about 32,700ha. The group plans to list its plantation assets by year-end.
As at Jan 31, 2007, Hap Seng's paid-up capital stood at RM622.66 million while shareholders' funds stood at RM1.53 billion. For FY2007 ended Jan 31, it registered a profit after tax of RM121 million on a turnover of RM1.7 billion.
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)
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)
BB Plaza to make way for MRT station
Wednesday, June 27, 2012
Landmark: The iconic 38-year-old BB Plaza, located in the heart of Kuala Lumpur, will be demolished to make way for the MRT project.
KUALA LUMPUR: The 38-year-old Bukit Bintang Plaza (BB Plaza) will need to make way for the construction of a My Rapid Transit (MRT) station, contradicting earlier reports that only the front of the property and basement will be needed for development purposes.
UDA Holdings Bhd officials, who earlier met with BB Plaza’s tenants to clear up the confusion on the status of the property, said they had been asked to vacate the premises by MRT Corp by the end of the year in a meeting two weeks ago.
UDA, a wholly-owned entity under the ministry, owns BB Plaza as well as several other commercial properties in central Kuala Lumpur, Ipoh and Johor Baru.
UDA group managing director Ahmad Abu Bakar said at a media briefing that Tradewinds Corp Bhd, a property and hotel conglomerate majority-owned by media-shy tycoon Tan Sri Syed Mokhtar Al-Bukhary, had expressed its interest to acquire the property.
“We discussed it at the board and have related the offer back to the ministry, so we’ll wait for the decision,” he said, adding that there were parties who were interested to either jointly develop or acquire the property.
According to recent reports, Tradewinds Corp had approached UDA to redevelop BB Plaza under a 50:50 joint venture which the latter’s board had declined because the returns were not lucrative enough.
MRT Corp, the body tasked with overseeing the development of the MRT line, have previously said it has no plans to acquire BB Plaza, valued at an estimated RM500mil.
Ahmad said UDA had no plans to redevelop the property on its own due to the lack of funds. “There’s been talk of redevelopment but not in the near term as we don’t have the funds because we’re trying to clean up our balance sheet,” he clarified.
UDA’s senior vice-president of property management Syed Ahmad Nazri Syed Kamaruzaman said the company was just as surprised as the tenants that the property was going to be demolished.
“We had a meeting with the tenants because of the confusion over the status of the property especially after reports came out saying that BB Plaza will not be demolished. In all our meetings with the ministry, the understanding is that the property will be demolished,” he said.
Syed Ahmad Nazri said a letter from MRT Corp only requested UDA to vacate the front of the property while Ahmad pointed out that this has caused a lot of confusion.
“Initially MRT Corp told us that they just need the front portion and that the station will be underground.
“They said there was no need to demolish the whole building. Later on when we discussed with them, they said the whole building will have to be brought down, so this is the confusion of the last one month or so,” he said.
Meanwhile, Syed Ahmad Nazri said compensation for the tenants was discussed but it was the stance of the company that compensation should come from MRT Corp.
“In fact we’ve passed the claims of several of the tenants to MRT Corp and they have come back to us asking for more information. Even though there’s nothing formal, we’re working towards it,” he said.
By The Star
Growing supply of office space in Klang Valley
Saturday, January 23, 2010
PEPS president James Wong (inset) says there’s a large amount of new office space being developed around the fringe of Kuala Lumpur including Petaling Jaya, Damansara, Puchong and Mont’ Kiara.
KUALA Lumpur’s office market is in for a tough year in 2010 with the expected completion of another 4 million sq ft of new office space which may further dampen rental and occupancy rates.
Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector (PEPS) president James Wong says there is also a large amount of new office space being developed around the fringe of Kuala Lumpur including Petaling Jaya, Damansara, Puchong, and Mont’ Kiara.
This is in addition to the 4 million sq ft completed last year of which a number of the buildings are still unoccupied although there are tenants that may be moving in later this year.
“With such a large amount of new office space, demand will not be able to keep up with the growing supply and this will result in more unoccupied space. Overall occupancy and rental rates are expected to face downward pressure this year,” Wong tells StarBizWeek.
He says while offices that are well-planned, managed and marketed will achieve high occupancy, there will be those that will be left vacant.
“Office occupancy and take-up in the city used to be around 2 million sq ft when the market was at its peak around late 2007 but it has since dropped to just over a million sq ft now,” Wong adds. The overall office occupancy rate is expected to decline further to about 80% this year from around 87% in the last quarter of 2009.
According to Wong, office demand is driven by the performance of the economy which in turn is a function of business investments.
“In Malaysia, a large part of this is foreign direct investments (FDIs). Hence, the key is to attract FDIs and to draw up incentives to change the economic model of the country to being knowledge-based and driven by high-technology.”
Hopefully, the Government’s aim of achieving a high income economic model will provide an impetus for higher take-up of office space, he says.
“The market’s revival will also depend on the implementation of the two stimulus packages and their spin offs to the economy,” Wong adds.
DTZ Nawawi Tie Leung executive director Brian Koh points out that the global economy will continue to be filled with uncertainties this year and inflow of FDIs are not expected to pick up in the near future.
“Within the next three to four years, there will be 14.4 million sq ft of purpose-built office space scheduled to be completed. Unless there is a surge in demand, the additional supply will cast a dampening impact on rental and occupancy rates in the next few years,” he says.
Koh agrees that a possible upside for the market will be the new economic model which will hopefully lift economic growth, especially in the services sector.
Re-Group Associates executive chairman Christopher Boyd says with office space vacancies hovering around 13%, it is still very much a tenant’s market.
“Tenants are spoilt for choice and rental rates have come off by around 20% to 25% so far, with grade A office space fetching between RM5 and RM6.50 per sq ft, while grade B from RM4 to RM5.50 per sq ft,” he says.
Boyd says despite the higher supply, Malaysia’s office market is not likely to crash.
“In fact, the low rental rates here are a boon for businesses. Being consistently inexpensive is a good thing for the business people as it makes it easier for them to plan ahead and make decisions,” he notes.
Zerin Properties chief executive officer Previndran Singhe concurs with Boyd, saying the rental correction in the office market is not alarming and “is just a normal market cycle.”
“The concern that the over supply will adversely impact the office market will only be short term and things should recover, especially with the ongoing liberalisation of the various business and financial services sectors.”
Demand for office space should pick up among oil and gas companies and financial services providers, he says, adding that building owners need to be more innovative to attract the right tenants. “In fact, landlords have become more realistic in how much rent they can ask for and rental rates will find their new equilibrium in time to come,” he says.
ECM Libra analyst Bernard Ching notes that there has been a pick up in the office property sub-segment with more local investors looking for quality assets.
In the last quarter of 2009, the investment market jumped by about 58% to RM1.39bil against the previous quarter. The purchasers comprised mainly real estate investment trusts, the Employees’ Provident Fund and government-linked companies.
Some of the notable deals concluded recently include a 50% equity interest in Menara Citibank by Hap Seng Consolidated Bhd, the acquisition of Tower D, Glomac Damansara by Lembaga Tabung Haji as well as the acquisition of a retail/office tower in Southgate by Permodalan Koperasi Felda.
Ching notes that the office market is expected to see more foreign participation in the coming months as the global economic recovery gathers momentum.
“This follows a series of well received economic initiatives to liberalise the economy to attract foreign participation, including the repeal of the Foreign Investment Committee which regulates mergers and acquisitions in the country,” Ching says.
By The Star (by Angie Ng)
KUALA Lumpur’s office market is in for a tough year in 2010 with the expected completion of another 4 million sq ft of new office space which may further dampen rental and occupancy rates.
Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector (PEPS) president James Wong says there is also a large amount of new office space being developed around the fringe of Kuala Lumpur including Petaling Jaya, Damansara, Puchong, and Mont’ Kiara.
This is in addition to the 4 million sq ft completed last year of which a number of the buildings are still unoccupied although there are tenants that may be moving in later this year.
“With such a large amount of new office space, demand will not be able to keep up with the growing supply and this will result in more unoccupied space. Overall occupancy and rental rates are expected to face downward pressure this year,” Wong tells StarBizWeek.
He says while offices that are well-planned, managed and marketed will achieve high occupancy, there will be those that will be left vacant.
“Office occupancy and take-up in the city used to be around 2 million sq ft when the market was at its peak around late 2007 but it has since dropped to just over a million sq ft now,” Wong adds. The overall office occupancy rate is expected to decline further to about 80% this year from around 87% in the last quarter of 2009.
According to Wong, office demand is driven by the performance of the economy which in turn is a function of business investments.
“In Malaysia, a large part of this is foreign direct investments (FDIs). Hence, the key is to attract FDIs and to draw up incentives to change the economic model of the country to being knowledge-based and driven by high-technology.”
Hopefully, the Government’s aim of achieving a high income economic model will provide an impetus for higher take-up of office space, he says.
“The market’s revival will also depend on the implementation of the two stimulus packages and their spin offs to the economy,” Wong adds.
DTZ Nawawi Tie Leung executive director Brian Koh points out that the global economy will continue to be filled with uncertainties this year and inflow of FDIs are not expected to pick up in the near future.
“Within the next three to four years, there will be 14.4 million sq ft of purpose-built office space scheduled to be completed. Unless there is a surge in demand, the additional supply will cast a dampening impact on rental and occupancy rates in the next few years,” he says.
Koh agrees that a possible upside for the market will be the new economic model which will hopefully lift economic growth, especially in the services sector.
Re-Group Associates executive chairman Christopher Boyd says with office space vacancies hovering around 13%, it is still very much a tenant’s market.
“Tenants are spoilt for choice and rental rates have come off by around 20% to 25% so far, with grade A office space fetching between RM5 and RM6.50 per sq ft, while grade B from RM4 to RM5.50 per sq ft,” he says.
Boyd says despite the higher supply, Malaysia’s office market is not likely to crash.
“In fact, the low rental rates here are a boon for businesses. Being consistently inexpensive is a good thing for the business people as it makes it easier for them to plan ahead and make decisions,” he notes.
Zerin Properties chief executive officer Previndran Singhe concurs with Boyd, saying the rental correction in the office market is not alarming and “is just a normal market cycle.”
“The concern that the over supply will adversely impact the office market will only be short term and things should recover, especially with the ongoing liberalisation of the various business and financial services sectors.”
Demand for office space should pick up among oil and gas companies and financial services providers, he says, adding that building owners need to be more innovative to attract the right tenants. “In fact, landlords have become more realistic in how much rent they can ask for and rental rates will find their new equilibrium in time to come,” he says.
ECM Libra analyst Bernard Ching notes that there has been a pick up in the office property sub-segment with more local investors looking for quality assets.
In the last quarter of 2009, the investment market jumped by about 58% to RM1.39bil against the previous quarter. The purchasers comprised mainly real estate investment trusts, the Employees’ Provident Fund and government-linked companies.
Some of the notable deals concluded recently include a 50% equity interest in Menara Citibank by Hap Seng Consolidated Bhd, the acquisition of Tower D, Glomac Damansara by Lembaga Tabung Haji as well as the acquisition of a retail/office tower in Southgate by Permodalan Koperasi Felda.
Ching notes that the office market is expected to see more foreign participation in the coming months as the global economic recovery gathers momentum.
“This follows a series of well received economic initiatives to liberalise the economy to attract foreign participation, including the repeal of the Foreign Investment Committee which regulates mergers and acquisitions in the country,” Ching says.
By The Star (by Angie Ng)
Menara Hap Seng - a touch of modern simplicity
The Japanese garden located on the roof of Menara Hap Seng.
Set within the highly desirable and internationally acclaimed Golden Triangle of Kuala Lumpur, Menara Hap Seng is flanked by the majestic KLCC Twin Towers, the eminent KL Tower and the bustling presence of Bukit Bintang. This strategically located building (formerly known as MUI Plaza) was acquired in 2004 and is currently the Hap Seng Group’s corporate headquarters.
The building, which is on Jalan P. Ramlee, is a known landmark in the past and remains iconic till today. Having undergone a major facelift, Menara Hap Seng’s stunning facade and modern interior houses 21 levels of corporate suites.
In addition, there is also The Podium, which has a forecourt with water features, beautiful landscaping and three levels of alfresco dining, restaurants, retail outlets, banks and much more.
The building also boasts a seminar hall, meeting rooms and an auditorium. The Auditorium and Convention Centre in Menara Hap Seng is an addition to the Podium at Menara Hap Seng and seeks to provide a cost effective and flexible alternative to managing seminars and functions. There are two seminar rooms and one auditorium. The Auditorium has a capacity of 350 people while the seminar rooms have flexible arrangements of up to a maximum of 110 and 60 pax respectively.
This year Menara Hap Seng has been awarded the Malaysia Property Award 2009 in the “Office Development Category”.
Hap Seng Land chief executive (property division) Datuk Paul Ng Kee Seng.
“We are really happy and delighted with the win this year. This building has remained an icon on Jalan P. Ramlee and it will always be remembered fondly by the people in the Klang Valley and beyond,” said Hap Seng Land Sdn Bhd’s Chief Executive (Property Division) Datuk Paul Ng Kee Seng.
He further elaborated on the project. “This award has also set a new milestone for the Hap Seng brand. We are a wellestablished brand in the property industry. However, this recognition has brought the brand to greater heights given that we have proven our abilities in refurbishing an old building and giving it a new look and feel.”
Looking at Menara Hap Seng one would recognise the open and bright atmosphere of the building. Surrounded by various shops and dining outlets, its’ simplicity is distinctly unique.
“Menara Hap Seng stands out among the rest because it is able to bring a new vibrant and refreshing ambience into an office space. Its open concept and lifestyle attributes are reflective of our philosophy that office space need not be boring.”
Ng also added, “Menara Hap Seng is a reflection that Malaysians are capable of being innovative and creative when it comes to refurbishing or developing office spaces.”
Going green
In the past few years, the environment has been given much attention, including property development. Menara Hap Seng echoes the green theme by using nature as part of its design in making the office space a better environment to work in. The building has a skylight, which delivers large amounts of sunlight into the Podium. In the morning, the place is lit up with natural sunlight, which effectively saves electricity. The paint used is also environmental friendly.
Ng also said, “The building was old in its design. We took a simplistic or minimalistic concept that can be seen around in nature and emulate it to give Menara Hap Seng a cool and yet vibrant look.”
Ng continued by saying “The design for the office space needs to be highly functional yet appealing to our tenants. As such, it is a positive sign that all our available office space has been taken up, and on top of that, we receive constant request for our office space.”
Best Office Development
An office space must have an aura of comfort and satisfaction for the working person and this is aptly demonstrated at Menara Hap Seng. Ng said, “Menara Hap Seng has everything in one place, from eateries, clothing stores right up to a golf shop; everything is in place making it convenient for tenants,”
Menara Hap Seng has a wonderful concept of having the Podium with all the surrounding outlets in it. It was this concept that was one of the reasons for giving Menara Hap Seng a facelift.
When envisioning the office space, the beauty and practicality was also the main theme in making it unique. “We want to have beauty in simplicity!” said Ng. Many people who come into our building are not our tenants but those in search of food, entertainment, banking or even some retail therapy. The energy and ‘chi’ this building brings is absolutely amazing,” said Ng.
Menara Hap Seng is a unique building with its own characteristics.
The simple and beautiful make of this office space makes the building a benchmark among other office spaces around KL.
Ng continued, “My dream is that Menara Hap Seng starts off Jalan P. Ramlee into a walkway of fun and fiesta. It would be gratifying if the stretch from Menara Hap Seng all the way to Bukit Bintang be called the ‘P. Ramlee Walk’. This building is as iconic as Malaysian’s legendary artist P. Ramlee.”
With dreams and aspirations such as that, no wonder Menara Hap Seng has been made winner in the “Office Development Category.”
An iconic building contributing to the energy in KL, only more can be expected from this dynamic building and its’ plentiful offerings.
By The Star (by Prakash Daniel - Malaysia Property Award 2009 - Best Office Development)
Set within the highly desirable and internationally acclaimed Golden Triangle of Kuala Lumpur, Menara Hap Seng is flanked by the majestic KLCC Twin Towers, the eminent KL Tower and the bustling presence of Bukit Bintang. This strategically located building (formerly known as MUI Plaza) was acquired in 2004 and is currently the Hap Seng Group’s corporate headquarters.
The building, which is on Jalan P. Ramlee, is a known landmark in the past and remains iconic till today. Having undergone a major facelift, Menara Hap Seng’s stunning facade and modern interior houses 21 levels of corporate suites.
In addition, there is also The Podium, which has a forecourt with water features, beautiful landscaping and three levels of alfresco dining, restaurants, retail outlets, banks and much more.
The building also boasts a seminar hall, meeting rooms and an auditorium. The Auditorium and Convention Centre in Menara Hap Seng is an addition to the Podium at Menara Hap Seng and seeks to provide a cost effective and flexible alternative to managing seminars and functions. There are two seminar rooms and one auditorium. The Auditorium has a capacity of 350 people while the seminar rooms have flexible arrangements of up to a maximum of 110 and 60 pax respectively.
This year Menara Hap Seng has been awarded the Malaysia Property Award 2009 in the “Office Development Category”.
Hap Seng Land chief executive (property division) Datuk Paul Ng Kee Seng.
“We are really happy and delighted with the win this year. This building has remained an icon on Jalan P. Ramlee and it will always be remembered fondly by the people in the Klang Valley and beyond,” said Hap Seng Land Sdn Bhd’s Chief Executive (Property Division) Datuk Paul Ng Kee Seng.
He further elaborated on the project. “This award has also set a new milestone for the Hap Seng brand. We are a wellestablished brand in the property industry. However, this recognition has brought the brand to greater heights given that we have proven our abilities in refurbishing an old building and giving it a new look and feel.”
Looking at Menara Hap Seng one would recognise the open and bright atmosphere of the building. Surrounded by various shops and dining outlets, its’ simplicity is distinctly unique.
“Menara Hap Seng stands out among the rest because it is able to bring a new vibrant and refreshing ambience into an office space. Its open concept and lifestyle attributes are reflective of our philosophy that office space need not be boring.”
Ng also added, “Menara Hap Seng is a reflection that Malaysians are capable of being innovative and creative when it comes to refurbishing or developing office spaces.”
Going green
In the past few years, the environment has been given much attention, including property development. Menara Hap Seng echoes the green theme by using nature as part of its design in making the office space a better environment to work in. The building has a skylight, which delivers large amounts of sunlight into the Podium. In the morning, the place is lit up with natural sunlight, which effectively saves electricity. The paint used is also environmental friendly.
Ng also said, “The building was old in its design. We took a simplistic or minimalistic concept that can be seen around in nature and emulate it to give Menara Hap Seng a cool and yet vibrant look.”
Ng continued by saying “The design for the office space needs to be highly functional yet appealing to our tenants. As such, it is a positive sign that all our available office space has been taken up, and on top of that, we receive constant request for our office space.”
Best Office Development
An office space must have an aura of comfort and satisfaction for the working person and this is aptly demonstrated at Menara Hap Seng. Ng said, “Menara Hap Seng has everything in one place, from eateries, clothing stores right up to a golf shop; everything is in place making it convenient for tenants,”
Menara Hap Seng has a wonderful concept of having the Podium with all the surrounding outlets in it. It was this concept that was one of the reasons for giving Menara Hap Seng a facelift.
When envisioning the office space, the beauty and practicality was also the main theme in making it unique. “We want to have beauty in simplicity!” said Ng. Many people who come into our building are not our tenants but those in search of food, entertainment, banking or even some retail therapy. The energy and ‘chi’ this building brings is absolutely amazing,” said Ng.
Menara Hap Seng is a unique building with its own characteristics.
The simple and beautiful make of this office space makes the building a benchmark among other office spaces around KL.
Ng continued, “My dream is that Menara Hap Seng starts off Jalan P. Ramlee into a walkway of fun and fiesta. It would be gratifying if the stretch from Menara Hap Seng all the way to Bukit Bintang be called the ‘P. Ramlee Walk’. This building is as iconic as Malaysian’s legendary artist P. Ramlee.”
With dreams and aspirations such as that, no wonder Menara Hap Seng has been made winner in the “Office Development Category.”
An iconic building contributing to the energy in KL, only more can be expected from this dynamic building and its’ plentiful offerings.
By The Star (by Prakash Daniel - Malaysia Property Award 2009 - Best Office Development)
Kwong Hing buys Menara Pan Global, KL City Centre
Friday, August 20, 2010
Property developer and manager Kwong Hing Group pays an estimated RM160 million for the 38-storey building in Jalan Puncak, off Jalan P. Ramlee
Property developer and manager Kwong Hing Group has bought Menara Pan Global, located within the Golden Triangle, for an estimated RM160 million from PanGlobal Bhd, sources say.
Menara Pan Global, a 38-storey building in Jalan Puncak, off Jalan P. Ramlee, houses 18 levels of office space with a total built-up of 400,000 sq ft.
The 18-year-old building also houses nine levels of hotel suites operated by Pacific Regency, while another eight levels have a total of 420 parking bays.
A source told Business Times that Kwong Hing paid a deposit for the purchase last week.
The group, whose prized assets includes Wisma Hamzah Kwong Hing in Lebuh Ampang, now has assets valued at RM600 million.
An official from Kwong Hing declined to comment when contacted.
It is understood that Kwong Hing may invest further to upgrade both the office space and suites to better compete with offices in the Golden Triangle.
The office lots are said to have 70 per cent tenancy.
Similarly, Kwong Hing will do some work on the 153-suite Pacific Regency, famous for its rooftop Luna bar, to improve its average room rate.
This purchase will see the group venturing for the first time into the hospitality sector.
A source said that the management team and the staff of Pacific Regency will be maintained where possible.
However, the name of the building could change.
It is understood that the sale forms part of PanGlobal's restructuring exercise. The company was delisted from Bursa Malaysia in July last year.
The Kwong Hing group's properties include Wisma KH in Jalan Sultan Ismail, Plaza Pengkalan in Jalan Ipoh and Wisma Fui Chui in Jalan Cheng Lok.
It also owns shopping centres along Jalan Tuanku Abdul Rahman and Jalan Petaling and Bangunan HSBC in Medan Tuanku.
By Business Times
POSTED BY KIMBERG AT 11:11 AM
LABELS: COMMERCIAL PROPERTY, KUALA LUMPUR
Property developer and manager Kwong Hing Group pays an estimated RM160 million for the 38-storey building in Jalan Puncak, off Jalan P. Ramlee
Property developer and manager Kwong Hing Group has bought Menara Pan Global, located within the Golden Triangle, for an estimated RM160 million from PanGlobal Bhd, sources say.
Menara Pan Global, a 38-storey building in Jalan Puncak, off Jalan P. Ramlee, houses 18 levels of office space with a total built-up of 400,000 sq ft.
The 18-year-old building also houses nine levels of hotel suites operated by Pacific Regency, while another eight levels have a total of 420 parking bays.
A source told Business Times that Kwong Hing paid a deposit for the purchase last week.
The group, whose prized assets includes Wisma Hamzah Kwong Hing in Lebuh Ampang, now has assets valued at RM600 million.
An official from Kwong Hing declined to comment when contacted.
It is understood that Kwong Hing may invest further to upgrade both the office space and suites to better compete with offices in the Golden Triangle.
The office lots are said to have 70 per cent tenancy.
Similarly, Kwong Hing will do some work on the 153-suite Pacific Regency, famous for its rooftop Luna bar, to improve its average room rate.
This purchase will see the group venturing for the first time into the hospitality sector.
A source said that the management team and the staff of Pacific Regency will be maintained where possible.
However, the name of the building could change.
It is understood that the sale forms part of PanGlobal's restructuring exercise. The company was delisted from Bursa Malaysia in July last year.
The Kwong Hing group's properties include Wisma KH in Jalan Sultan Ismail, Plaza Pengkalan in Jalan Ipoh and Wisma Fui Chui in Jalan Cheng Lok.
It also owns shopping centres along Jalan Tuanku Abdul Rahman and Jalan Petaling and Bangunan HSBC in Medan Tuanku.
By Business Times
POSTED BY KIMBERG AT 11:11 AM
LABELS: COMMERCIAL PROPERTY, KUALA LUMPUR
Thursday, January 31, 2013
S'pore firm buys Wisma Goldhill, Jalan Raja Chulan, KL City Centre for US$57.4m
Saturday, June 18, 2011
Singapore-based Eagle Indo has purchased the 36-storey building from Jeddah-based Saudi Economic Development.
Kuala Lumpur: Singapore-based Eagle Indo Pte Ltd has bought Wisma Goldhill office building on Jalan Raja Chulan for an estimated US$57.4 million (RM174.5 million).
The 36-storey building was sold by Jeddah-based Saudi Economic Development Co (Sedco), 11 years after it had acquired it. Sedco had then paid RM115 million for the building.
It is understood that the acquisition was done through a locally incorporated company known as Klang Valley Projects Sdn Bhd.
The new owners are expected to refurbish the building to obtain better yields. The building is now 67 per cent occupied
Wisma Goldhill, which sits within the Golden Triangle, is located next to Menara Boustead and opposite Menara ING. According to sources, the deal for the sale was completed on Wednesday. Attempts to contact real estate adviser DTZ in Malaysia failed. DTZ, in a report from Singapore dated April 2011, said that it had "brokered" the sale between the parties.
Wisma Goldhill, completed in 1993, was developed by Singapore-based Goldhill Group. The building, with a total built-up area of 444,000 sq ft and net lettable area of 270,000 sq ft, has some 270 car park bays. Major tenants at Wisma Goldhill include Bank of America Malaysia Bhd, KAF Discounts Bhd and Thai Airways International.
Meanwhile, Sedco has other interests in Malaysia. It owns 24.58 per cent in Gefung Holdings Bhd via its affiliate Pacific Quest. Gefung is a company which processes, trades and provides contract workmanship of high-quality marble and granite slabs.
Recent commercial transactions within the Golden Triangle in the past year include the sale of Menara Pan Global to Kwong Hing Group. PanGlobal Bhd sold a building located off Jalan P Ramlee for RM160 million.
Another deal that made history, with the highest price per sq ft ever paid for a piece of land in Kuala Lumpur, was the sale of vacant land for RM7,209.80 per sq ft by Millenium & Copthorne Hotels plc.
Urusharta Cemerlang (KL) Sdn Bhd bought a total of 29,127 sq ft of the land on Jalan Bukit Bintang for RM210 million.
By Business Times
POSTED BY KIMBERG AT 10:11 AM
LABELS: OFFICE TOWER
Singapore-based Eagle Indo has purchased the 36-storey building from Jeddah-based Saudi Economic Development.
Kuala Lumpur: Singapore-based Eagle Indo Pte Ltd has bought Wisma Goldhill office building on Jalan Raja Chulan for an estimated US$57.4 million (RM174.5 million).
The 36-storey building was sold by Jeddah-based Saudi Economic Development Co (Sedco), 11 years after it had acquired it. Sedco had then paid RM115 million for the building.
It is understood that the acquisition was done through a locally incorporated company known as Klang Valley Projects Sdn Bhd.
The new owners are expected to refurbish the building to obtain better yields. The building is now 67 per cent occupied
Wisma Goldhill, which sits within the Golden Triangle, is located next to Menara Boustead and opposite Menara ING. According to sources, the deal for the sale was completed on Wednesday. Attempts to contact real estate adviser DTZ in Malaysia failed. DTZ, in a report from Singapore dated April 2011, said that it had "brokered" the sale between the parties.
Wisma Goldhill, completed in 1993, was developed by Singapore-based Goldhill Group. The building, with a total built-up area of 444,000 sq ft and net lettable area of 270,000 sq ft, has some 270 car park bays. Major tenants at Wisma Goldhill include Bank of America Malaysia Bhd, KAF Discounts Bhd and Thai Airways International.
Meanwhile, Sedco has other interests in Malaysia. It owns 24.58 per cent in Gefung Holdings Bhd via its affiliate Pacific Quest. Gefung is a company which processes, trades and provides contract workmanship of high-quality marble and granite slabs.
Recent commercial transactions within the Golden Triangle in the past year include the sale of Menara Pan Global to Kwong Hing Group. PanGlobal Bhd sold a building located off Jalan P Ramlee for RM160 million.
Another deal that made history, with the highest price per sq ft ever paid for a piece of land in Kuala Lumpur, was the sale of vacant land for RM7,209.80 per sq ft by Millenium & Copthorne Hotels plc.
Urusharta Cemerlang (KL) Sdn Bhd bought a total of 29,127 sq ft of the land on Jalan Bukit Bintang for RM210 million.
By Business Times
POSTED BY KIMBERG AT 10:11 AM
LABELS: OFFICE TOWER
Tradewinds to redevelop Crowne Plaze Hotel and Kompleks Antarabangsa
NST 29 June 2012
KUALA LUMPUR: Tradewinds Corp Bhd (TCB) confirmed today that it will demolish the Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa in Jalan Sultan Ismail to pave the way for a RM6 billion mixed development project.
He said some RM200 million will set aside for the proposed redevelopment, 100 per cent owned by Tradewinds Corp, once completed.
On Istana Hotel, he said there is a possibility for redevelopment, but not in the near-term as the Tradewinds Centre and redevelopment of Menara Tun Razak will keep the group busy for a few years. -- BERNAMA
KUALA LUMPUR: Tradewinds Corp Bhd (TCB) confirmed today that it will demolish the Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa in Jalan Sultan Ismail to pave the way for a RM6 billion mixed development project.
The company said it will redevelop the 2.8 hectare land on its own, and not via a joint venture as reported previously.
The project comprising grade A+ offices, serviced apartments and retail space, is scheduled to be completed in seven years.
Speaking to reporters after meeting with stakeholders here, its Chief Executive Officer Shaharul Farez Hassan said the project will be funded by bank loans and debt equity, with a ratio of 70:30.
"We are talking with a few banks now," he added.
Crowne Plaza is a 35-storey hotel with over 500 rooms while Kompleks Antarabangsa is a 21-storey office building.
The project once completed, will reportedly, be known as the Tradewinds Centre. The hotel will be officially closed on Jan 2, 2013, then demolished by the end of the first quarter.
On compensation to Inter Continental Hotels Group (IHG), the current operator of Crowne Plaza Mutiara Hotel, he said a negotiation will be arranged for this as IHG still have few years to manage the hotel.
"There’s a provision for all the unionised employees in the collective agreement and that is something that we will address together with them and the union. So, normally that is channel that they request us to negotiate and speak to them, collectively. So, that's what we'll do," he added.
Besides this, Shaharul Farez said Tradewinds will also demolish Mutiara Burau Bay Resort in Langkawi to be redeveloped into a new five-star resort.
He said some RM200 million will set aside for the proposed redevelopment, 100 per cent owned by Tradewinds Corp, once completed.
The cabana will be closed in the first quarter of 2013 and ready in three years. Despite the closing of these hotels, he said Tradewinds would still able to secure sufficient revenue from the hotel segment that contributed about 65 per cent to its revenue last year.
"Other hotels will be able to cushion the impact of the closing of several hotels." Tradewinds also owned Hilton Petaling Jaya hotel and Pelangi Beach & Spa Resort Langkawi as well as few other hotels and resorts in Langkawi, Johor, and Pahang.
On Istana Hotel, he said there is a possibility for redevelopment, but not in the near-term as the Tradewinds Centre and redevelopment of Menara Tun Razak will keep the group busy for a few years. -- BERNAMA
Stable office rentals in KL City Centre
Thursday July 19, 2012
By THOMAS HUONG
huong@thestar.com.my
KUALA LUMPUR: Rental rates for purpose-built offices in Kuala Lumpur were generally stable in the last three years, except for certain suburban and city centre areas which showed an upward trend, according to the 2011 Purpose Built Office Rent Index (PBO-RI) for Federal Territory of Kuala Lumpur.
“Looking at the data... the market is still good,” National Property Information Centre (Napic) director Dr Zailan Mohd Isa said at a pre-launch briefing of the 2011 PBO-RI which will be launched today.
The rent index has four regions, namely Kuala Lumpur City Centre-Golden Triangle (KLCC-GT), Centre Business District (CBD), within city centre (WCC) and suburban.
According to the rent index, average monthly rentals for purpose-built offices in the WCC region had increased gradually from RM2.92 per sq ft in the first quarter of 2009 to RM3.46 per sq ft in the fourth quarter of 2011. This meant that average monthly office rentals in the WCC region had increased 18.5% over a three-year period. It was also noted that average monthly office rentals in the suburban region had appreciated by 13.2% over a three-year period, rising from RM3.10 per sq ft in the first quarter of 2009 to RM3.51 per sq ft in the fourth quarter of 2011.
The suburban region includes Bangsar, Bukit Kiara, Damansara Heights, Jalan Pantai Baru, Jalan Istana and Jalan Syed Putra. “Companies may be relocating to the suburban areas,” said Zailan. Meanwhile, although the KLCC-GT region is the most sought after location in the city, average monthly office rentals were stable (a slight rise from RM4.60 per sq ft in the first quarter of 2009 to RM4.66 per sq ft in the fourth quarter of 2011). However, the CBD region suffered a drop in average monthly office rentals, from RM3.46 per sq ft in the first quarter of 2009 to RM3.27 per sq ft in the fourth quarter of 2011.
For the entire Kuala Lumpur region under review, average monthly office rentals had increased sightly over a three-year period, from RM3.91 per sq ft in the first quarter of 2009 to RM4.04 per sq ft in the fourth quarter of 2011. The rent index, which will be produced on a quarterly basis, is developed by Valuation and Property Services Department (JPPH), with assistance from Universiti Teknologi Mara (UiTM) and University of Malaya. Zailan said it was the first rent index of its kind in the Asean region.
“It is based on data from actual rental agreements, and not asking rates.” The rent index defines purpose-built offices as buildings with office use of not less than 75% of net lettable area, and has compiled rental data from 6,831 tenancy leases from 167 buildings. Zailan said the rent index's aim was to provide a guide on current market rentals for investors, and a benchmark for the financial stability of the country.
“We also want to attract multinational corporations to set up regional headquarters in Kuala Lumpur,” she said. Zailan also said the PBO-RI would be expanded eventually to cover all the major cities and towns in Selangor, followed by Penang and Johor. “Getting data is the most dificult part. We urge all property managers and owners to co-operate with us in providing data.”
Wednesday, January 30, 2013
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.
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.
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.
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.
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.
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