Jalan Sultan is part of Kuala Lumpur’s Chinatown. The old but vibrant commercial street links to the famous Petaling Street (Jalan Petaling) and Jalan Tun Tan Cheng Lock that usually attract crowds of tourists and locals.
While the upper two floors are owned by separate owners, the new tenant has taken up the ground floor and the first floor for a three-year term. The agreed monthly rent is at RM16,000, with rebates given for the first two years.
Soon shared that the tenant has been running a food business for 16 years in a small stall in a traditional Chinese coffee shop at Jalan Tun H S Lee and decided to open his own restaurant.
“The growing business has been passed on to the second generation of the family. They have decided to rent a bigger space and they have found that this is a good opportunity to move into a shop in a well-known location,” Soon noted.
As at Oct 16 there are seven rental listings on EdgeProp.my for shoplots in the Chinatown area with the average asking rent at RM13,737 or RM7.60 psf. Meanwhile, there are 11 shoplots for sale with an average asking price of RM6.58 million or RM3,871 psf.
Based on EdgeProp Research, in 2018, one double-storey shoplot on Jalan Sultan was transacted at RM1.87 million or RM771 psf, and another five-storey shoplot was sold for RM8.8 million or RM5,414 psf. There was no transaction recorded in 2019.
In 2020, only one shoplot on Jalan Petaling was sold for RM5.1 million or RM1,974 psf so far.
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