Paramount Property is selling two office buildings in Section 13, Petaling Jaya, Selangor via an en bloc sale for about RM318 million, according to industry sources.
The office buildings are part of Atwater, the developer’s RM800 million integrated development located in Section 13.
Both the buildings are currently under construction. They were launched in January 2019 and are expected to be completed in the fourth quarter of 2022.
Atwater also consists of two residential blocks with a total of 493 units which are almost fully sold, retail spaces, a 15,000 square ft sales gallery, and a commercial car park.
According to a source, Paramount Property had been looking to sell the two office blocks (Tower A and Tower B) via an en bloc sale since early 2019 and was hoping to fetch more than RM340 million.
“The developer could not find a buyer back then due to weak market sentiment followed by the Movement Control Order (MCO) implemented by the government in March 2020 to curb the spread of Covid-19. Nothing much could be done to secure a buyer.
“The office buildings are back on the market. Paramount Property may be able to secure a buyer this time around as the buildings will be brand new when they are completed next year. Further, the development is located in a prime area,” the source said.
The source said Tower A, comprising eight levels with a net saleable area of 169,300 sq ft is currently being marketed at about RM146.5 million.
Tower B, which has 18 floors and a net saleable area of 197,570 sq ft is being marketed at about RM171 million.
The buildings are proposed to be MSC Status (Tower A) and GreenRE Silver Ratings (Tower B).
“We understand there are companies in Kuala Lumpur evaluating relocation options post-pandemic and they are looking to operate from somewhere more strategic and convenient. They are looking at Petaling Jaya as their first option and next would be Shah Alam,” the source said.
Section 13 is surrounded by mature townships such as SEA Park, Paramount Garden, SS2, SS14, SS19, and SS17, and is one of the most affluent neighbourhoods in Petaling Jaya. It is slowly being transformed into a mixed-use development enclave.
According to the MBPJ (Majlis Bandaraya Petaling Jaya) Special Area Plan for Section 13, the area covers 101.96ha and is served by three major roads — Jalan Universiti, which is now known as Jalan Prof Diraja Ungku Aziz, Jalan Kemajuan and Jalan Semangat.
Jalan Universiti was renamed Jalan Prof Diraja Ungku Aziz after the renowned academician, Royal Professor Ungku Abdul Aziz Ungku Abdul Hamid, who died on December 15, 2020.
The Sultan of Selangor, Sultan Sharafuddin Idris Shah, consented to the name change in recognition of his services and contributions in the field of education and the economy of the Malays.
The road is the main entrance to institutions of higher learning such as Universiti Malaya, the International Islamic University, and Mahsa University.
Stretching 3.2km, the road was built in the early 1960s and links Petaling Jaya to Kuala Lumpur.
Atwater sits on a 2.05ha site that was previously occupied by Philips Malaysia, located between OSK Property’s Ryan & Miho project and Sin Chew Media Corp Bhd’s headquarters on Jalan Prof Diraja Ungku Aziz.