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Thursday, July 14, 2011

EPF owns Quill 7?

Kuala Lumpur: The Employees Provident Fund (EPF) may be the new owners of Quill 7 located in KL Sentral, sources say.

Quill 7 is a 29-storey office building with a six-storey podium. The building has a total net lettable area of 356,759 sq ft.

Industry estimates for the building are in the tune of RM1,200 per sq ft or some RM428 million based on recent transaction value in the same area.

The building, which is virtually full, with the exception of the penthouse, collects an average rental rate of RM7 per sq ft including service charge. Its tenants include Axiata and Nokia Siemens.

It is understood that EPF had extended a loan to a special purpose vehicle to construct the building and under the terms, EPF has an option to buy it.

Quill 7, previously called Tower D, is located on Lot J at KL Sentral, and developed by Quill Realty Sdn Bhd.

It was reported during the topping-up ceremony that Quill Realty is 60 per cent owned by Quill Group and 40 per cent by Malaysia Commercial Development Fund (MCDF), which is a closed-end private fund sponsored by CapitaLand Group.

A source told Business Times that tenants at the building had already signed a novated tenancy agreement which revealed the name of a new company understood to be linked to the EPF.

Messages left at Quill group of companies to confirm this were not returned.

Zerin Properties Group chief executive officer Previndran Singhe, when contacted to comment on the building, said: "KL Sentral offices have proven due to connectivity and with its MSC status, its ability to attract tenants worldwide.

"This, plus limited initial supply, has pushed rental and capital values upwards. Moving forward, with the impending new supply coming into KL Sentral, we will see slightly lower occupancy rates with rentals remaining at present levels."

By Business Times

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