DONE DEAL: First floor, 4-storey shopoffice, The Promenade, Penang

Rented for: RM3,000 a month

Concluded by: Mayzel Wong (REN 17359) of Khoo & Associates Realty (017-575 8999)

When: April 5, 2018

Noteworthy:
● Leasehold
● 1,608 sq ft
● Nearby amenities: Easy access to various F&B outlets, banks, hospital, Setia SPICE Arena and Bayan Baru wet market.
● About 14km away from George Town, 6km away from Penang International airport in Bayan Lepas and 12km to the Penang Bridge

The Promenade (pictured) is a mixed development by the Lion Group comprising 37 units of 2-, 4- and  5-storey retail shops and 336 units of designer suites named The Promenade Residence.

It is located at Bandar Bayan Baru, close to Bayan Lepas Industrial parks and Technoplex as well as condominiums such as D’Piazza Condominium and Elit Heights.

According to Mayzel Wong of Khoo & Associates Realty who concluded the rental deal, The Promenade is strategically located close to various amenities.

“Commercial activities in that area are gaining momentum as the population increased. Shopoffices in The Promenade are popular among business owners and shoppers in Bayan Baru,” said Wong.

The tenant has rented the second floor of the 4-storey shopoffice to use as her interior design business’s office and showroom. The deal for this unit was closed with a monthly rental of RM3,000 for a three-year contract.

The owner who purchased the unit a few years ago planned to rent out three floors to earn rental income and keep one for his own business. The owner declined to reveal the purchase price of the unit.

Wong said the current asking price for a four-storey shopoffice in The Promenade is about RM3 million.

Available rental listings showed that the asking rental for shopoffice space in The Promenade is about RM6,000 to RM6,500 for the ground floor; RM3,000 to RM3,500 for the first floor; while the second and third floors’ monthly rental is around RM2,500 to RM3,000.  

Interested to buy properties in Bayan Baru, Penang​? 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]