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Tuesday, December 4, 2007

One-month-old Metro Avenue already half sold out

An artist's impression of the Metro Avenue shop offices

PETALING JAYA: Metro Kajang Holdings Bhd is confident of selling its remaining shop offices at its latest commercial development, Metro Avenue, in Kajang, by the first quarter of 2008.

Its sales and marketing manager Johnny Lam told theSun the project was launched in October and is being developed by its wholly owned subsidiary Serba Sentosa Sdn Bhd.

“With only 30 units on offer, we have already achieved a take-up of 50%. With our strategic location right next to the Kajang Municipal Council building, many of our buyers find this an attractive buy,” he added.

According to Lam, shop offices in Kajang town, which are mostly 3- and 4-storeys, are experiencing high demand due to the limited supply on the secondary market, as well as lack
of new projects. He cited the performance of the current 3-storey shop offices in Kajang town.

“Rental of a ground floor 22ft by 75ft, 3-storey unit can fetch between RM6,000 and RM8,000
monthly. For enbloc rental, one can easily lease it for RM12,000 monthly,” said Lam, adding that, while secondary transactions are few, a 3-storey unit can go for between RM1.4 million and
RM1.5 million.

For the 3-storey Metro Avenue shop offices, Lam said buyers and investors can expect rental
returns of up to 8.5% for intermediate units on an enbloc basis.

With a gross development value of RM30 million, the Metro Avenue shop offices are sited
on a 2-acre leasehold tract along Jalan Low Ti Kok. The intermediate 20ft by 80ft units come
with built-ups of 5,500 sq ft and are priced about RM838,000.

The four 50ft by 80ft corner units are served by lifts and have built-ups of 12,000 sq ft. Priced
from RM1.77 million, Lam said these have all been sold. Call 03-8737 2323 for more details.

By theSun (by Loo Pik Kwan)

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