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Thursday, April 24, 2008

UOA sells en bloc 3 new office towers

THE UOA Group has sold en bloc three new boutique office towers in its Bangsar South development for RM131.35 million to the Al Batha Group.

The sale was done by Paramount Properties to Bangga Istimewa Sdn Bhd and Bidang Lagenda Sdn Bhd.

"The en bloc sale of these boutique office towers reflects the confidence on UOA Group's projects due to its good track record in the commercial office market as well as the mid- to high-end residential projects," UOA said in a press release.

UOA added that there has been continued strong interest from local and foreign buyers. And judging from this sale and a few other boutique office towers under negotiations, it will be a matter of time before it launches more phases of commercial and residential projects.

Bangsar South City, a 24.3ha mixed development just off the Federal Highway and New Pantai Expressway, is planned as the new vibrant city located between Kuala Lumpur, Petaling Jaya and Bangsar.

This mixed development with a projected gross development value of some RM3.5 billion, will take between six and ten years to develop, comprising retail, residential and commercial blocks - including hotel and serviced apartments.

Bangsar South is divided into several components, starting with The Village, an ultra modern looking building that marks the entrance statement for the entire development, comprising UOA's Property Gallery that houses show units and some retail outlets.

The 12.2ha residential precinct called Park Residences has the latest in modern contemporary condominiums.

UOA intends to introduce two condominium blocks to the market very soon with residential unit sizes of between 1,300 sq ft to 2,100 sq ft. It also plans to create a centralised clubhouse with modern facilities and amenities to the Bangsar South City community.

Another 12.2ha of commercial precinct will comprise The Horizon, The Vertical and The Sphere.

The Horizon is unique 10- and 11-storey boutique office towers to be sold on en bloc basis, whereby individual owners will have the advantage of having naming rights to the building.

Each office tower has an average gross area of about 54,000 sq ft with the penthouse level fitted in with a feature pool. Construction work has already started on site and Phase 1 is expected to be completed before the end of 2009.

The Vertical, meanwhile, is 10 blocks of 20-storey office towers and The Sphere is the retail component.

By New Straits Times

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