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Monday, March 22, 2010

GTower expected to be 75pc occupied by Jan

GOLDIS Bhd, a private equity investment company, expects three-quarters of its GTower building in Jalan Tun Razak, Kuala Lumpur, to be occupied by January 2011.

The 30-storey office building, which comprises offices, a 180-room business hotel and a club that caters to its guests and tenants, has a built-up of 1.4 million sq ft and over 800,000 sq ft in nett lettable area.

"We have confirmed occupancy of 48 per cent," Goldis' head of corporate investments Colin Ng said.

The tenants, mostly from the oil and gas and Multimedia Super Corridor (MSC)-status companies, moved into the building in late January this year.
The rental at GTower including service charge is RM7.50 per sq ft. The tower has also allocated 0.4ha for a food court, which is scheduled to open in September. It was reported that construction of the food court will cost some RM470 million.

Ng, who expects return on investment to take between seven years and eight years, said that among GTower's pull factor is the leasing flexibility which enables tenants to rent for short or long term.

GTower, the first international green rated office building in Malaysia, has 10 units of cube, which measure between 120 sq ft and 280 sq ft per unit. It accommodates one to three persons.

"It is suitable for start-ups and for short-term use," GTower Sdn Bhd manager of business offices operations, Lucia Micheal said.

The building also has nine units of flexible offices measuring between 1,250 and 2500 sq ft. These units are fully fitted and suitable for short-term use and projects, particularly those who do not want to invest much to fit out an office. It can comfortably accomodate 20 people.

GTower also has duplex units which are designed to allow maximum amount of light to filter in.

Other pull factors include its MSC-status. Its provisional MSC status will soon be converted to a full MSC.

"The building has been designed efficiently in terms of size and tenancy terms. We can allow the tenants to expand and provide contracts according to their needs," Micheal said.

Its green building initiative also enables it to save as much as 23 per cent in electricity.

The hotel, to be called The G City Club Hotel, occupies three floors of the building. Scheduled to open in May 2010, it expects an average room rate of RM400 and an occupancy of 75 per cent in the first year of operations.

The Club, which is scheduled to open at the same time as the hotel, measures 10,000 sq ft. All hotel guests and chief executive officers of companies located in the building will receive club membership.

"It will be run like a business club," Micheal said.

The building also features two salt water swimming pools.

By Business Times

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