Menara TSR – Mutiara Damansara Office Space for Rent

Menara TSR – Mutiara Damansara Office Space for Rent

Menara TSR - Front

Menara TSR is an office tower Mutiara Damansara, completed in the second quarter of 2014. There are many prominent developments in the vicinity of Menara TSR such as The Curve, Tesco, Ikea, Ikano and as well as corporate office buildings such as Surian Tower, Menara UAC, Menara KLK, Menara Dialog and Menara Mudajaya.

Mutiara Damansara is a freehold residential and commercial zone located in Klang Valley, which has a gross development value of RM1 billion. The township is surrounded by Mont Kiara, Hartamas, Damansara Perdana, Bandar Utama, Taman Tun Dr. Ismail, Bandar Sri Damansara and Sunway Damansara.

Located only about 20km from Kuala Lumpur City Center (KLCC), Menara TSR is well connected by highways and is only a 30 minutes’ drive from KLCC. Mutiara Damansara has road networks with accessibility via Damansara-Puchong Expressway (LDP), Penchala Link, New Klang Valley Expressway (NKVE) and via Persiaran Surian.

Standing amidst many other buildings and towers of corporate means, Menara TSR solidifies the area’s feeling of a metropolis. The strategic location, coupled with the connectivity, has attracted renowned and international companies/institutions to house their corporate office at Menara TSR.

Main Features:

  • 17-storey corporate office building with 4 levels of basement carpark
  • Gross floor area of 200,000 square feet
  • Double height ceiling lobby floor
  • Secured vehicle entrances
  • Grand drop-off entrance
  • Modern façade and design
  • Strategic location
  • Approximately 400 car park bays
  • 24 hour security surveillance
  • Fiber optic cables
  • Eateries
Mutiara Damansara average rental rate for office tower is RM 5.50 per sq.ft with exception to a few building which has a higher asking price.

For more information and viewing arrangement,please contact:

Mr Jerome Lim

+60-19-288-0689 | jeromelim17@gmail.com

http://www.searchofficekl.com | http://www.gofindoffice.com

My Team specialist in Corporate Office Space and Office Towers, Grade A and MSC Office Space in KL CBD, KLCC, KL City Centre (Integra, Binjai, GTower, Prestige, Pavilion, Intermark, Selangor Dredging), KL Sentral (1 Sentrum, 1 Sentral, Nu Towers, Menara Nu, Menara Shell, Menara CIMB, Quill 7, Plaza Sentral, Platinum Sentral, Vista Sentral), Bangsar South, Bangsar, Petaling Jaya, Puchong, Damansara, Sunway, Shah Alam, I-City.

Tabung Haji drops office rents below prevailing rates near KLCC

Tabung Haji drops office rents below prevailing rates near KLCC
Posted on May 16, 2016

by Admin in Uncategorized

Tabung Haji drops office rents below prevailing rates near KLCC

By Vasantha Ganesan | May 16, 2016 2:00 PM MYT
Menara TH Platinum

A RECENT move by Lembaga Tabung Haji to lease its office space in Menara TH Platinum at Platinum Park, Kuala Lumpur, at way below market rental rates caught everyone by surprise and shocked real estate agents and office building owners. At RM5 psf, the rate is less than half that — about RM11 psf — fetched by Petronas Tower 3 and Integra Tower @ The Intermark, which are located nearby.
According to industry experts, RM5 psf is arguably the lowest rent in recent times for a new Grade A office building located within the Golden Triangle.
About two weeks ago, the pilgrim fund’s marketing and leasing division sent out letters to real estate agents, alerting them to its special leasing package that included a list of perks. Subsequently, advertisements were placed to invite interested parties to an Open Day at the 38-storey Menara TH Platinum this week.
The Edge understands that Menara TH Platinum, acquired for about RM450 million, has been empty for over a year. The building, which neighbours NAZA Tower, was acquired by Tabung Haji from Naza TTDI Sdn Bhd in 2009 with the sale completed in the first quarter of 2014.
Tabung Haji’s latest move has raised questions as to whether the office oversupply situation in Kuala Lumpur is worse than thought (see chart). One thing is for certain — it continues to be a tenant’s market.
“As much as we agree that there is an oversupply in the market, the bigger impact has been on the older buildings. Newer buildings, after a six-month to a year cycle, generally attract tenants that are upgrading or are new in the market. The Intermark and Menara Hap Seng are good indicators with more than 80% occupancy. In fact, Hap Seng is building Menara Hap Seng 3 [in Jalan Sultan Ismail] four years ahead of schedule due to strong demand for good quality buildings. And this is not even within the KLCC locality,” Shuchita Balasingam, head of mergers and acquisitions-business space at Zerin Properties, tells The Edge.
“Older buildings that are well managed, especially of companies that are focused on management and marketing, are also showing good occupancy and rents. UOA Bhd and IGB Bhd are good examples.”
Menara TH Platinum is a 38-storey tower with 348,267 sq ft of net lettable area and 362 parking bays.
At press time, Tabung Haji had not responded to questions sent by The Edge.
Its advertisement, however, states that it will be holding an “Open Day Menara TH Platinum 2016” on Wednesday (May 18).
Occupancy rate graph
Apart from the RM5 psf rent offer for the first six floors of the building, tenants do not have to pay rent for up to six months during their renovation period. In addition, they get one free parking bay for every 1,000 sq ft of space leased. To further sweeten the deal, the rental deposit can be paid in instalments.
This offer, the advertisement says, is until Dec 31 or until all six floors are rented out, whichever is earlier.
One real estate agent says if a tenant rented 1,000 sq ft in the building at RM5 psf for one year, “with the six rent-free months, the rental rate would be just RM2.50 psf for 12 months”.
Shuchita remarks, “This building is in a prime location [and is] Grade A. So, we don’t think Tabung Haji should be dropping the rental rates. There are many other ways in which one can market this property intelligently.
“Low rents will attract tenants of low quality and thus impact the investment value of the building. We feel that the building should be fetching RM6 psf at the base line. NAZA Tower next door, which is using professional property agents as its exclusive marketing channels, is asking for RM7.50 to RM8.50 psf.”
The RM5 psf, real estate agents say, is inclusive of service charge, which is for the upkeep of the main building and the common areas. The rate also includes the taxes to be paid by the landlord to the local council and for security for the building.
The agents believe that should a tenant want to take up more space and on the higher floors, Tabung Haji is likely to accommodate their request on the same terms.
They say in the first quarter of this year, Menara TH Platinum was asking for RM6.50 psf for the low floor zone and RM8 psf for the high floor zone while NAZA Tower was asking for RM7.50 psf, though it would have gone down to RM6 psf to RM6.50 psf to conclude a deal.
The letter from Tabung Haji’s marketing and leasing division sighted by The Edge also invites real estate agents to its Open Day to familiarise themselves with the pilgrim fund’s assets in the Klang Valley, which include TH Selborn in Kuala Lumpur and Menara TH Glomac in Petaling Jaya.
Agents who sign on a new tenant in any of Tabung Haji’s buildings will be given two months’ commission. Incidentally, The Edge has learnt that Menara TH Glomac may also have been vacant since last year. The building was purchased for RM170.73 million.
While two months’ worth of rent as agency fee is not unusual, industry experts say this normally happens when landlords are under pressure to secure tenants.
A question that begs to be asked is, will Tabung Haji’s move cause a domino effect in the rental rates of office buildings with poor occupancy in Kuala Lumpur?
One agent believes there will not be a ripple, although desperate building owners with no holding power or strong fundamentals may follow suit. The quantum of decline may, however, differ.
“The average rental rate in Kuala Lumpur will most likely remain the same, although the landlords of some of the older buildings may reduce their rents,” says another agent.
Another question that arises is, will NAZA Tower, which is believed to be more than 75% vacant, follow suit? Real estate agents say they would not be surprised.
Other assets owned by Tabung Haji in Malaysia include Columbia Asia Hospital in Section 13, Petaling Jaya; Mydin hypermarket in Meru Raya, Ipoh, Perak; the Tabung Haji headquarters in Jalan Tun Razak; Block D of Plaza Sentral; and Bangsar South Tower 2A.
Last week, it was reported that Tabung Haji was planning to sell 10 Queen Street Place in London for an estimated £200 million. Last year, it sold an office building in 151 Buckingham Palace Road to Gaw Capital Partners for £250 million.

Source : The Edge Property

.
http://www.searchofficekl.com/tabung-haji-drops-office-rents-below-prevailing-rates-near-klcc/

Menara Citibank at Jalan Ampang

  
Menara Citibank at Jalan Ampang.

Office space for rent Jalan Ampang

Close proximity to KLCC and walking distance from Ampang Park LRT Station.

#officespace #officespacekl #kualalumpuroffice #gradea #officeforrent #rentoffice #rentofficespace #sewaoffice #klccoffice #corporateoffice #corporatebuildings #corporatebuilding #mscoffice #msc #mscstatus #officeforrentkl #officeforrentklsentral #rentofficekl #rentmscoffice #citibank #menaracitibank #jalanampang #jalanampangoffice #menaracitibankforrent #menaracitibankofficeforrent#citibanktower

Developers opt for strata route to sell buildings

Monday, 21 March 2016

Developers opt for strata route to sell buildings

PETALING JAYA: The rout on oil prices, the Klang Valley’s oversupply of office space and the overall soft property market have compelled developers to change tactics when selling their buildings.

The rental market also found itself in a similar situation, where office building owners are lowering their rental to retain tenants or extending rent-free periods to potential tenants.

Oxley (Malaysia) Sdn Bhd, a subsidiary of Singapore developer Oxley Holdings Ltd, which will be commencing the development of Oxley Towers KLCC this year, will be selling its office space in Oxley Towers KLCC on individual unit basis instead of en bloc as planned initially, Oxley Malaysia CEO Datuk Othman Omar (pic) told StarBiz.

“The absolute price of the smaller units of 645 sq ft will be slightly above the RM1mil range. That will be an attractive proposition for this address,” he said.

He said the company had a few enquiries to sell its 29-storey office block, with a gross floor area of 346,000 sq ft, en bloc initially. However, in view of the general weak sentiment in the oil and gas (O&G) sector, soft property market and the oversupply of office space in the Klang Valley, the company is opting for the strata route.

Had it opted for the en bloc route, the price would be cheaper on a per-sq-ft basis, but the outlay would be high.

BlackRock, the world’s largest asset manager, took about a year to sell its 39-storey Integra Tower, a Grade-A office building, with a net lettable area of 760,715 sq ft and 850 parking bays. It finally sold it to Retirement Fund Inc (KWAP) for RM1.065bil in April last year.

Most developers and landlords of top-grade city offices have eyed companies linked to the O&G sector and multinational companies by offering large open floor areas. Because the O&G avenue has somewhat dimmed – O&G companies do not need that amount of top-grade office space at the moment – this previous heavy focus may be hurting the office market.

Said Othman: “When we sell individual units, we need not follow set specifications as when it is sold en bloc. If purchasers need more space, they can combine a few units,” he said.

“There is a lack of smaller-sized top-grade strata offices in the KLCC area. Oxley Towers KLCC can meet this demand,” he said.

The prices per sq ft may range between RM1,800 and RM2,000. Prices had not been confirmed, Othman said. This works out to 645-sq-ft units being priced at above RM1mil.

Othman said Oxley Malaysia is working with lending institutions to offer a 150% financing package. It will occupy two floors in the 29-storey block which has a gross development value (GDV) of RM450mil.

The other two blocks will comprise two hotels and their respective serviced apartments and two retail floors. Dubai-based hotel group Jumeirah will operate a luxury-class 181-room hotel on a 49-storey block located above 267 serviced apartment units. They are planning to launch it in Dubai first this year.

“People from the Middle East like to invest in Malaysian properties. They prefer branded residences. They will be familiar with the Jumeirah brand,” he said.

The third and tallest block, at 78 storeys, about 10 storeys short of the 88-storey Petronas Twin Towers, will house French boutique hotel Sofitel So. It will operate 207 rooms located below 590 serviced apartment units. The mixed project is expected to be completed in 2021.

Veritas Design Group, which won the project through an international competition, said Oxley Towers would add a new dimension to the area with its songket-weaving facade.

Veritas president David Mizan Hashim said: “It will be a recognisable visual cultural identity to the local traditional craft motifs.”

Oxley had a 50% discount off its development charges from KL City Hall, a savings of about RM50mil on condition that it begins work within six months.

Hashim said: “City Hall wants to encourage development projects to go on. This 50% discount offer started around September 2015 to spur the soft market because developers were slowing down.”

He said developers, on getting their development order, tend to delay their projects and City Hall did not want them to do that.

Oxley bought the land, currently occupied by Pelita Nasi Kandar, from the Loke Wan Yat estate for some RM450mil, or a record RM3,300 per sq ft. The prime freehold land with Jalan Ampang frontage has an estimated GDV of RM3bil.

Oxley also has a project in Section 16, Petaling Jaya next to the Phileo Damansara Trade Centre. It submitted its application for development order in mid-March for an RM800mil-GDV mixed project comprising serviced apartments, a hotel, small offices home offices and corporate offices on five acres. The plot ratio for this Section 16 project is 3.99, whereas its KLCC project has a plot ratio of 13.99. The higher the permissible plot ratio, the higher the structure permitted by the authorities.

Source : The Star

Klang Valley office rental growth under pressure for next two years

Klang Valley office rental growth under pressure for next two years

Commercial landlords face a testing couple of years ahead, according to Sarkunan Subramaniam at Knight Frank Malaysia. – The Malaysian Insider file pic, January 21, 2016.Commercial landlords face a testing couple of years ahead, according to Sarkunan Subramaniam at Knight Frank Malaysia. – The Malaysian Insider file pic, January 21, 2016.Klang Valley office rental growth is expected to be under pressure owing to the new supply of 10 million sqft of space coming on stream over the next two years, according to Knight Frank Malaysia Sdn Bhd managing director Sarkunan Subramaniam.

“Existing landlords of office buildings may have to put more effort to undertake asset enhancement via renovation, conversion or redevelopment to optimise returns from their properties,” he said at the 9th Malaysian Property Summit (9MPS 2016) yesterday.

The event was organised by the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the private sector (PEPS). The Edge Malaysia and theedgeproperty.com were media partners of the event.

Overall, the Kuala Lumpur office market was expected to remain subdued this year and the tenant favoured market would continue into 2016 and beyond, said Sarkunan.He noted that there are a few successfully refurbished office buildings such as Menara Citibank, Kenanga International and Etiqa Twins.

In some cases, old office buildings had been converted into hotels, such as Wolo Bukit Bintang (formerly Wisma KLIH) and Piccolo Hotel (formerly Wisma Peladang), while the upcoming Oasis Hotel Suites Kuala Lumpur (formerly Plaza Atrium) was converted into serviced apartments.

“As new supply comes into the market, existing landlords will need to listen to their tenants’ needs, and offer better facilities and maintenance services to maintain or improve occupancy levels,” he said.

According to Knight Frank’s report, there is currently 92.5 million sqft of office space in the Klang Valley. However, 65% of the supply is Grade B and C offices, which have lower occupancy rates and rental growth.

Sarkunan noted that the occupancy rates of the most sought-after Grade A and A+ office space in city area could reach about 80% to 95%.

In 2015, KL city area rental rates averaged RM6.17psf; KL fringe area averaged RM5.70; and beyond KL area, the average rental was about RM4.19 psf. – thedgeproperty.com, January 21, 2016.

Source : The Malaysian Insider

Read more at : http://www.searchofficekl.com/klang-valley-office-rental-growth-under-pressure-for-next-two-years/

Plaza Sentral @ KL Sentral – MSC Corporate Office for Rent

Plaza Sentral @ KL Sentral – MSC Corporate Office for Rent / Lease

Plaza Sentral Pic

1 unit of 3,893 sqft available for Rent

Asking Rate : RM 6.00 psf

Rate might or might not subject to 6% GST, depends on Landlord profile.

For more information and viewing arrangement,please contact Mr Kuan Ming at +60-19-288-0689 or kmlim1985@gmail.com

My Team specialist in Corporate Office Space and Office Towers, Grade A and MSC Office Space in KL CBD, KLCC, KL City Centre (Integra, Binjai, GTower, Prestige, Pavilion, Intermark, Selangor Dredging), KL Sentral (1 Sentrum, 1 Sentral, Nu Towers, Menara Nu, Menara Shell, Menara CIMB, Quill 7, Plaza Sentral, Platinum Sentral, Vista Sentral), Bangsar South, Bangsar, Petaling Jaya, Puchong, Damansara, Sunway, Shah Alam, I-City.