Feb 22, 2011
The RM333 million agreement to buy a portion of the 1 Mont’Kiara mixed commercial development by ARA Asia Dragon Fund from Aseana Properties Ltd was completed on 31 December 2010.
The portion comprises a five-storey retail mall with a gross floor area (GFA) of 225,000 sq ft and a 20-storey office tower with a net lettable area (NLA) of 185,000 sq ft, with a total gross development value (GDV) of about RM529 million.
The office fetched about RM550 psf, while the retail section changed hands for approximately RM1,040 psf, setting new pricing benchmarks for the upscale enclave.
Launched in December 2010, 60 percent of the retail space at the 1 Mont’Kiara retail mall has been taken up, with leasing rates ranging between RM4 psf to RM40 psf, said a spokesperson with the mall management to City & Country.
With the mall targeting Mont’Kiara residents, the tenant mix will likely be comprised of fashion and lifestyle outlets, as well as F&B and concept restaurants, said earlier reports.
Meanwhile, 30 percent of the 20-storey office tower has been leased mainly to property developers and consultancies since the middle of 2010.
The other part of the 1 Mont’Kiara development comprises a 34-storey office tower offering 186 office units. Of these units, 185 have been snapped by individual investors, said Aseana Properties.
Previndran Singhe, CEO of Zerin Properties, the agent which concluded the deal, said: “It is actually a decent buy for ARA considering that prices have moved since the execution of the sale and purchase (S&P) agreements.”
“Moreover, with Mont’Kiara being a developed, affluent community and a well-linked location, the mall is bound to do well with its immediate catchment,” he added.
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