Sold for: RM2.87million (RM1,133.94 psf)
Concluded by: Lydia Sim (REN 02250 (017-287 2633) of Centricity Realty
When: September 2019
● Endlot three-storey shopoffice
● Lot size: 2,531 sq ft
● Built-up size: 6,509 sq ft
● Six bathrooms
● Located within a residential area, close to University Tunku Abdul Rahman (UTAR) Sungai Long Campus
The township is mostly made up of terraced houses, a few condominiums, low-cost flats, semi-detached and bungalow homes.
Serving the needs of the residents is a commercial area at Seksyen 9 that comprieses of BMC Mall and three-storey shopoffices offering F&B outlets, convenient stores, banks, supermarkets and other shops. The area has easy access to the Cheras-Kajang Expressway and Kajang-SILK Highway.
Lydia Sim of Centricity Realty who concluded the deal said the buyer acquired the shopoffice for investment. The unit is located next to BMC Mall.
“It is a beautiful end-lot with an extra 600 sq ft of land on the side,” she said, adding that it is a freehold unit surrounded by other shopoffices, houses and close to UTAR Sungai Long Campus.
All three floors of the unit are currently rented out, with the ground floor occupied by a Korean restaurant, the first floor by a door products company while the top floor is an office.
Each of them has one to two years of tenancy left. The estimated rental yield is about 4.3%.
To top it all off, Sim said the buyer paid 15% lower than the asking price a year before as the seller who owns several other properties wanted to migrate and needed to let go of the unit fast.
The seller had bought the unit at a much lower price around five years ago, she added.
“The area offers good prospects for price appreciation and rental investment as this is the only commercial area in Bandar Mahkota Cheras and there is no land left for new commercial developments,” she pointed out.
According to EdgeProp.my’s data, 10 shopoffices in the area were sold in 2019 with an average price of RM1.98 million or RM1,113 psf.
As at Feb 25, 2020, there were three sales listing asking for an average price of RM3.53 million or RM1,744 psf. There were also five rental listings with average asking rental of around RM3,520 per month or RM2.30 psf.
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