Sold for: RM6.5 million (RM2,236 psf)
Concluded by: Michael S L Wong (REN 09493) of Dynamic Realtors (012-519 8688)
When: December 2017
● Built-up: 2,906 sq ft
● 4.5-storey corner lot
● Accessible via Middle Ring Road 2, Duta-Ulu Kelang Expressway, Jalan Ampang
Located in the busy commercial area of Taman Dato Ahmad Razali, right outside the fully tenanted Ampang Point Shopping Centre, the 4.5-storey corner shopoffice was sold at RM6.5 million, said Michael S L Wong of Dynamic Realtors who concluded the deal.
“Initially, the seller was asking for RM7 million. The buyer is an overseas-based investor and the deal was finally sealed at RM6.5 million with some special terms and conditions,” Wong told EdgeProp.my. However, he declined to elaborate on the terms and conditions.
Wong added that the buyer already owns an existing commercial building in the vicinity which enjoys good rental returns.
“This property has the potential to get high rental yield of more than 6% annually. The selling price of this shopoffice is estimated to go up to RM7 million or RM8 million, plus the rents in the Ampang Point area are still maintained, while units such as the ground floor and upper floor units are seeing higher rents,” he added.
According to Wong, the high demand for shopoffices in the Ampang Point area is fuelled by limited supply as many owners do not plan to sell their properties, noting that there were very few transactions in past years.
“The market rental for ground floor units is about RM9,000 to RM12,000 for those in an intermediate lot, while corner lots can command RM18,000 to RM25,000, depending on which street the shop is located at.
For office units on the upper floors, the rental starts from RM1,000 for a building without elevators. For those with elevators, rental starts from RM2,000,” he said.
Based on EdgeProp.my’s data, from 1Q12 up to 3Q17, there were 17 transactions for shopoffices in the same area, ranging from RM1.8 million to RM7 million.
Meanwhile, the average asking price is RM4.29 million or RM2,041 psf as at May 2, while the asking rental is RM12,400 or RM6.20 psf.
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