By THE STAR
THE Zenith Corporate Park, Kelana Jaya’s latest business address, has given fresh impetus to investors to buy one of the few good commercial properties around. And buy they did.
The developer SMI Cityhome Sdn Bhd, a wholly owned subsidiary of South Malaysia Industries Bhd, launched all 80 units of three and four-storey shop offices recently and more than 95% have been snapped up.
The shop offices have an attractive design, with shops on the ground and first floors. It is also targeted at the younger age group who have wised up to investing in commercial properties for better returns.
SMI Cityhome head of sales & marketing Matthew Ng, said all 62 units of the three-storey types had been sold while only two out of the 18 units of four-storey types were left unsold.
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An artist’s impression of the Zenith Corporate Park in Kelana Jaya. It comprises 80 units of 3 and 4-storey shop offices, two blocks of 20-storey serviced apartments and a corporate tower.
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“Our buyers are very seasoned property investors. Some of them are from Kepong, Subang and even as far away as Ipoh. They say our pricing is very reasonable,” he said, adding that the project’s selling points were its competitive pricing, good location and the large catchments.
Zenith Corporate Park, on 9.65 acres of 99 years’ leasehold land, will also have a 13-storey corporate tower and two 20-storey serviced apartments (358 apartment units and 26 retail lots) measuring 1,000 to 1,100 sq ft and priced at around RM260 per sq ft or below RM300,000.
The apartments’ elevated car park and podium will be on Levels 2 to 5; and swimming pool, gym and clubhouse on Level 6. Levels 6 to 20 will be the serviced apartments.
The project is sandwiched between sister projects, Kelana Square and Kelana Mahkota condominium. SMI’s other projects in the vicinity are the upcoming Sterling @ PJ condominium (to be completed in the first quarter of 2008) and the Kelana D’Puteri and Kelana D’Putera condominiums. The Giant hypermarket and the Damansara Puchong Highway are a walking distance away.
There is a proposed access road linking the Zenith to the old airport road. The existing road from the LDP to the Zenith will also be upgraded to four lanes.
Other plus factors include the developer’s good track record and, unlike other parts of Petaling Jaya where many new commercial properties have come up or are coming up, there are only a few new such projects in Kelana Jaya.
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The “2-shop and 2-office shop office with lifts” concept has set the Zenith apart from other new shop offices in the Klang Valley.
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Close to Zenith are Glomac Bhd’s new Plaza Kelana Jaya, a 9.7-acre freehold waterfront commercial centre behind the Kelana Seafood Restaurant, and Glomac Boulevard, located near the Kelana Centrepoint, Wisma Goodyear, Glomac Building and Kelana Business Centre cluster.
Ng said many developers had to push hard to sell commercial properties priced above RM1.5mil. “A lot of developers are selling four-storey shop offices priced from RM1.8mil to RM2.2mil. Unless the location is good, it is hard to sell such properties,” he said.
Ng said Zenith’s three-storey shop offices with 4,453 to 4,942 sq ft built-up areas were priced from RM1.3mil while the four-storey shop offices with 6,666 to 9,606 sq ft built-up areas are priced from RM1.79mil.
The 26ft wide frontage enhances visibility, and with the ultra-modern facade and the “two shops and two offices with lifts” concept, each unit has that extra appeal.
Features include good floor height of 13ft for the ground floor shop and 11.8ft for the first floor shop and office units. There will also be a generous 10ft-wide corridor (the first floor also has a corridor reminiscent of many shop offices in Kota Kinabalu) and over 1,800 car park bays. Security and cleaning services are also provided for the common areas.
He said based on a potential monthly rental of RM5,000 for the ground floor unit, RM3,000 for the first floor shop and RM2,500 each for the second and third floor offices, a four-storey shop office priced at RM1.7mil should fetch about a 9% rental return.
Ng said the Zenith should do well as there was a population of about 50,000 residents within a 1km radius of the project.
The company, he said, might keep or sell the corporate tower, adding that the serviced apartments would be launched after the Chinese New Year next year.
Is there a glut of commercial properties in the Klang Valley? Ng said it all depended on the location. “The word glut is very subjective. If you build in less prime areas, there would be a good chance of a glut. If there is a correct match of demand and supply and if the location is good and there is a huge population, there will be no glut.”
