Paramount to sell office towers in PJ for over RM320mil

KUALA LUMPUR: Paramount Corp Bhd is putting up unit Paramount Property’s two Grade A corporate office towers in Petaling Jaya for sale for over RM320 million.

The office towers at Atwater in Section 13 sits on a 5.09-acre integrated mixed-use development.

Tower A and Tower B, which have eight and 16 floors respectively, are MSC-compliant structures with green certification.

Chee Siew Pin, Paramount chief executive officer of property division, confirmed the sale but said that the current strategy was to sell Tower A.

Tower B is available for lease, either to a single tenant or in lots, according to Chee.

“We will consider selling Tower B if there is an offer to buy the asset,” he told the New Straits Times.

Tower A offers a total sellable area of 169,301 sq ft whereas Tower B has 197,548 sq ft. The stratified offices are designed to be versatile workspaces with a variety of practical floor plates.

The towers, each serviced by dedicated private lift lobbies and dual direct drop-off lobbies, share 36,409 sq ft of retail space and 885 car parking bays.

The retail space is available for lease, but Chee said prospective purchasers can make an offer if they want to acquire the entire 36,409 sq ft of space along with the two office towers.

“We are in talks with several local and foreign investors that are interested in these assets. I think this is the perfect timing to sell because of the recovering economy. The market is more certain as a result of the gross domestic product’s positive growth rate.

“More companies are looking for newer, energy-efficient buildings to occupy away from the city centre in an effort to reduce operating costs. Atwater’s strategic and convenient Petaling Jaya address makes it an ideal place for one to work, live and indulge,” he said.

Chee is also confident as Bursa Malaysia has mandated that publicly traded companies disclose their carbon emissions as part of their new, enhanced sustainability disclosures.

“Our office buildings at Atwater have been deliberately planned and built with green and sustainable characteristics, according to the environmental, social and governance standards,” he said.

The office buildings’ design aims to minimise heat gain while also minimising energy use, with a north-south orientation and a reduced window-to-wall ratio on the east and west.

Additionally, they have a variable-refrigerant flow, or VRF, thermostat-controlled air conditioning system.

In contrast to the traditional central air-conditioning system using a cooling tower that operates for the entire building, the VRF system allows users to operate it on certain floors, sections, or zones, which results in energy savings.

Paramount hopes to complete the two office towers by the third quarter of this year.

Atwater, which has direct access to Jalan Profesor Diraja Ungku Aziz and to a wide range of dining options, medical facilities, and educational institutions, also consists of two serviced apartment towers, which are fully sold, and a sales gallery.