DONE DEAL: Double-storey shoplot in Brickfields, Kuala Lumpur

Sold for: RM4.1 million

Concluded by: Desmond Chia (REN 19255) of Hartamas Real Estate OUG Sdn Bhd (012-987 9117)

When: October 2016

Noteworthy:
● Freehold
● Facing main road with roadside parking
● Land area: 2,000 sq ft
● Walking distance to KL Sentral
● Renovated as a budget hotel

According to the negotiator who closed the deal, Desmond Chia of Hartamas Real Estate, the asking price was RM4.5 million while the buyer’s first offer was RM3.8 million.

“Both parties were interested to sell and buy so they agreed to seal the deal at RM4.1 million after a few months of negotiating. RM4.1 million is around the market price,” said Chia.

The shoplot was built more than 20 years ago and was once a budget hotel before it was left empty for a few years.

“It has about 20 to 30 small rooms inside so the buyer, which is an investment company, is most likely to turn the building into a budget hotel chain too,” Chia said.

The three sellers are members of a family who felt it was the right time to cash out.

“The sellers told me that the shoplot was worth RM1 million eight years ago, and about RM2 million three years ago. Today, the bank valued it at RM4.1 million, so they decided to cash out,” Chia noted.

As a negotiator who has specialised in Brickfields for years, Chia said old shoplots in the area have seen significant appreciation since the area underwent beautification and infrastructure upgrading works.

“The government cleaned up, upgraded and rebranded Brickfields to Little India as a tourist spot and that helped to boost property prices in the area. The old shoplots’ prices are still holding up well despite the overall property market slowdown,” Chia shared.

There are four double-storey old shoplots in Brickfields listed on TheEdgeProperty.com. The asking prices range from RM2.6 million to RM4.1 million.

Interested to buy commercial properties in Brickfields? Click here.

Editor: To real estate agents — Have you just concluded an interesting deal? We would love to hear from you! Contact us at [email protected]