Saturday, September 27, 2008

Office in KLCC area

First of all, I must confess this is a market I am not at all familiar with. Commercial. However, when I saw this ad for a 800sf office just a 10minute walk from KLCC for slightly over RM650psf, I thought this is a steal considering all the residential lots within a 1km radius of KLCC are going for minimum RM1000psf. And this office unit is located within the same building as Seri Maya hotel, with nice Italian quality marble entrance, steel and lots of tempered glass. Certainly an A-grade Jalan Ampang address - well, perhaps an A minus...

The building you see above is actually a 3 in 1. At the front is Menara Chan, an office. In the middle and the main lobby houses Seri Maya hotel, a 4 star hotel. And at the back is Plaza 138, another office block with individual owners and strata title. Location is directly opposite BSN tower and in between the KLCC and Dang Wangi LRT station. It is also about 400m from the Bukit Nanas monorail station. I would consider this a prestigious address... not sure about those familiar with the commercial market. Please advice.

The unit in question is in Plaza 138. Despite the excellent location, one of my quarrels with it is, Plaza 138's entrance is actually at the middle of the building which, if you don't know you might not be able to find it. However, it is directly opposite the entrance of Seri Maya hotel's lobby.

picture above: Top view of the main entrance

Plaza 138 is basically quadrangle. There is a center courtyard which is actually the swimming pool of Seri Maya hotel. You can barely see it when you look down because it is covered with a bamboo roof. It is served by 2 very slow lifts but they seem well maintained and looks very classy with a lot of marble and stainless steel.

picture above: Top view of Swimming pool

What attracted me to Plaza 138 is that every office includes a small pantry, a shower and a toilet within the unit. So, this means it can be turned into a SOHO unit if the tenant wants to live in it. It can be renovated in such a way that it's partially residential and partially office. Just needs imagination.

The main issue of course is the Muslim graveyard behind the building. Unfortunately, every unit has a nice view of the grave yard. I would imagine that this would affect the feng shui of businesses as well as the ability to find a tenant who would like to live or work so close to the graveyard.

From my understanding, the rental fetches about RM4.50psf/month but it does not come with car park. You have to rent the car park separately from the building management at RM160/month per plot on availability basis. During my visit, the offices are about 80% occupied. I would say, the rental and the price is reasonable for the location but the graveyard is really a big issue. For me, one who works late every night, I would have a problem and would have an even bigger problem convincing my staffs to stay late and finish their work.

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