DONE DEAL: Shopoffice at Arena Curve in Bayan Baru, Penang

Rented for: RM2,000 (average RM1.81 psf)

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

When: January 2019

Noteworthy:
● Freehold
● Built-up: 1,100 sq ft
● Unit on second floor of a  mixed development that offers  shop offices and condominium
● Nearby amenities: Around 800m to Pantai Hospital, about 7km to Second Penang Bridge and 13km to Penang Bridge, 4.5km away from Penang International Airport and around 15km away from Georgetown.

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The Arena is a mixed development in the Bayan Baru area which was completed in 2015. The 19-storey development comprises two storeys of retail shopoffices called Arena Curve, and the Arena Residence condominium.

The development sits on a freehold tract, next to Olive Tree Hotel and D’Piazza mixed development, facing Setia Spice Arena.

Mayzel Wong of Khoo & Associates Realty, who concluded the deal, said Bayan Baru is a mature area with various amenities such as shops and malls as well as all kinds of eateries, making it a preferred address for homeowners and business owners.

Arena Curve is considered a new commercial project in Bayan Baru as the units were handed over to owners only about three years ago, according to Wong.

“The location and proximity to major highways and Penang International Airport as well as nearby commercial centres are the main factors that attract tenants,” she noted.

The new tenant for the unit is a small machineries distributor based in Singapore, who liked the location and the convenient amenities at Arena Curve. The unit will be the tenant’s marketing office in Malaysia.

The two-year rental deal was concluded at a monthly rent of RM2,000 for the 1,100 sq ft office unit on the second floor of Arena Curve.

“The rental rate is around the current market rate and the owner – an investor who is looking for rental income, is satisfied with the rate,” she added.

No transactions were recorded in 2017 and 2018 for Arena Curve.

Based on four rental listings on EdgeProp.my (as at July 2019), the average asking monthly rent of the units is around RM2.83 psf or RM3,700.

According to the three sales listings on EdgeProp.my, shopoffices in Arena Curve are asking for RM917 psf or RM1,833,333.

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