THE proposed 3 2 Square commercial hub in Petaling Jaya has attracted strong interest from investors and end-users who have bought some RM70 mil worth of shop offices there since its soft launch last October.
Several more shops and offices were also sold during the weekend official sales launch.
Purchasers are taking advantage of the Super Saving Scheme that includes free legal fee and disbursements, free first six months maintenance fee, and free access for two cars for buyers of the office units and four cars free access for buyers of the shops for the first six months. There will also be other incentives worth about RM80,000.
This 5.5-acre project in Section 14 and 19 is the first flagship property project by construction-based Crest Builders Holding Bhd. Its subsidiary Seri Tegamas Sdn Bhd is the developer.
Located in a prime location, 3 2 Square will have 38 blocks of six and seven-storey luxurious shop offices (totalling 237 units with a total sales value of RM177 million), an 11-storey corporate tower, food court, alfresco restaurants, cafetarias and 1,300 car parking lots.
Seri Tegamas property development manager Yap Chin Chon told StarBiz that about 40% of the shop offices worth RM70 mil had been sold.
He said several public-listed companies had bought entire shop office blocks while many established professional firms and restaurants were also relocating to this new business centre that would be the new landmark in this part of PJ.
We also have a few reputable property developers who have bought our units. Some of our purchasers are also from the nearby Section 14 shop offices. We have sold about 90% of the ground floor shops, he said, adding that all nine food and beverage units reserved under a five-year 8% guaranteed rental return (GRR) scheme had also been sold. There are a total of 38 such large F & B outlets.
Yap said many purchasers were confident that they could get more than 8% rental return and would rather not opt for the GRR offer.
In a way, this went to show the level of confidence investors have in the development, he added.
Among the project's features are:
(a) Seri Tegamas has obtained an extension of the project's lease to a new 99-year period.
(b) There will be a modern and fully air-conditioned 6,900 sq ft Food Junction with 20 stalls. It can seat 150 to 200 people.
(c) There will be 11 exclusive units at 3 2 Walk and a flea market. The 3 2 Walk will also have Chinese and Western-style restaurants.
These will boost the existing features including a minimum 28-feet wide shop front, minimum 10-feet wide corridor, seven lot sizes, spacious lifts catering for 13 persons per lift car, 24-hour security with two guard posts, CCTV and sufficient lighting in the basement level and proper design for kitchen exhaust ducting.
Yap said unlike the usual kitchen exhaust ducting that is slotted at the back lane, the improved version would be like a vertical chimney.
As 3 2 Square is bordered by three roads, vehicles could move in and out of the development with greater ease.
Another important plus point is that the developer will retain the basement car park and charge RM1 to RM3 per entry.
Yap said some owners and tenants from other commercial developments were relocating to 3 2 Square as they were fed up with the high parking charges in their area.
S K Brothers Realty chief executive officer Charlie Chan believes that 3 2 Square, one of the very few properties that has a commercial title in the Section 14 area, would be the new landmark PJ.
Demand for office space is still good in PJ. With the MPPJ making good its plans to turn industrial lots into limited commercial lots, we see more such (commercial) developments coming this way while there will be an exodus of existing heavy industries out of PJ, he added.
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