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Wednesday, July 14, 2010

KLCC Property wants single tenant for Lot C office building

KLCC Property Holdings Bhd is looking to secure a single tenant for its 840,000 net lettable sq ft Prime A office space at the Lot C development, located next to the Suria KLCC shopping centre.

"We are in discussions with a party," KLCC Property director Datuk Manharlal Ratilal told reporters after its annual general meeting in Kuala Lumpur yesterday.

He declined to elaborate.

Lot C's office building is due for completion by October 2011.
Its retail podium, which is expected to add another 140,000 sq ft of retail space to Suria KLCC, should be ready by the year-end, with the tenants moving in 2011.

"The retail podium will be contiguous of Suria KLCC. It will complement the retailers there (Suria KLCC) and allow Suria KLCC traffic to flow into it," KLCC Property chief executive officer Hashim Wahir said.

For the past three years, Suria KLCC has been registering more than 40 million footfalls (or the number of people who visit the mall) a year. Of this, 20 per cent are foreigners.

Lot C has a development cost of close to RM1 billion.

Another project planned for this year is the re-development of Kompleks Dayabumi.

"We are conducting feasibility studies into it and hope to start work this year," Hashim said.

No investment figure was given.

"This is part of our ongoing effort to improve performance. Kompleks Dayabumi has a lot of room for improvement considering its location," Hashim said.

For the current financial year, KLCC Property has managed to increase its office rental rate for Kompleks Dayabumi in Kuala Lumpur by RM1, from RM4 per sq ft to RM5 per sq ft through internal upgrades.

On the performance of its sole hotel, Mandarin Oriental Kuala Lumpur, Hashim said, occupancy levels for the initial part of the year were back to levels seen in 2009.

Last year, Mandarin Oriental's occupancy rate dipped by 10 per cent to 57 per cent.

By Business Times

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