PETALING JAYA (Nov 13): The Nanyang Siang Pau office building site in Petaling Jaya, Selangor has been put up for rent at an asking monthly rental of RM2.50 psf, according to property consultancy firm Knight Frank Malaysia.
Knight Frank Malaysia is the exclusive agent appointed by the property owner Media Chinese International Ltd (MCIL), which also owns the Chinese daily as well as Sin Chew Daily, China Press and Guang Ming Daily.
Based on the advertisement put up by the real estate firm, the freehold site spans 5.86 acres in the Sungai Way Free Trade Industrial Zone and comprises a 4.5-storey office and a 2.5-storey warehouse that offer built-up space of about 136,994 sq ft and 99,780 sq ft, respectively.
Knight Frank Malaysia executive director of capital markets Allan Sim told EdgeProp.my that the site will be entirely leased out.
“The daily has already shifted their printing operation,” he said, adding that it could be in the process of relocating some of its other operations.
Sim added that the asking rental of RM2.50 psf is “very competitive” and “reasonable” given the location and the combination of buildings and facilities on the site.
“Based on the usage [of the site], we strongly believe that this [asking price] is very competitive to various properties in this area and it is quite reasonable as there is a standalone office building, big parking space and warehouse,” he offered, adding that office rent rates in the vicinity range from RM4 to RM5 psf, especially those nearer to Sunway City Kuala Lumpur.
Location-wise, it is situated at the centre of the Klang Valley and is surrounded by major highways such as the Federal Highway and Damansara-Puchong Expressway (LDP), making it highly accessible to key locations such as Kuala Lumpur city centre, Shah Alam and Klang in the region.
“What this property can offer includes a direct frontage to the Federal Highway, making it attractive to companies such as telcos, insurance firms and marketing-related companies who want to enjoy high brand exposure as they can take advantage of the highway.
“For example, many insurance companies need to have a corporate office-cum-training centre, parking space and warehouse that enables them to keep their documents or machines. So this kind of property will definitely suit them,” he elaborated.
Meanwhile, a source told EdgeProp.my that the publication is not expected to move out from the site but said there is talk that the group (MCIL) is planning to lease the entire site out, hence Nanyang Siang Pau and Life Publishers (a subsidiary of Nanyang Press Holdings Bhd) will lease back some space from the new tenant.
"We have many unused space such as where the printing plant used to operate and some empty offices and car parking space," the source added.
Earlier this year, there was talk that the site may be sold. MCIL’s 2018 annual report shows that the Nanyang Siang Pau land, on Jalan SS7/2, had a carrying amount of US$9.73 million or RM40.25 million. The 6.19-acre freehold parcel was acquired in 1994.
MCIL said it has no comments on the matter when contacted by EdgeProp.my.