The paradigm shift from traditional work-in-office to remote working with flexible hours, along with the reliance on technology, has changed the demand for office space in the new normal.
While the working community adjusts to the new norm, Malaysia’s leading developer S P Setia Bhd has promptly adapted to the needs of office users today, as exhibited in its latest corporate office tower development named Aspire Tower at KL Eco City, located in Bangsar, Kuala Lumpur. While fitted out as a modern-day workscape, it also addresses the concerns of uncertainty and cost faced by companies today.
Aspire Tower features layouts for three different office types, catering to a wide spectrum of industries and corporate needs. A flexible spatial planning system provides a fertile environment to nurture networking amongst industry players, from young start-ups to international corporations.
The Executive Offices range from 1,152 sq ft to 1,971 sq ft, Signature Offices are from 3,623 sq ft to 16,393 sq ft, while Premier Offices take up the entire floor of 18,690 sq ft. While there would be two independent lift lobbies with a total of 16 elevators serving the office tower, Premier Offices have the provision of a separate high-zone lift lobby to only those working on the high zone floors for privacy, security and exclusivity.
With different sizes available, this gives the flexibility to companies to choose the offices which suit their needs and nature of work. Business owners looking for the perfect office for right-sizing in the wake of the pandemic would find units in Aspire Tower an attractive option too.
Regardless if you are a multinational company, small-medium enterprise or even a start-up, here you get to share the same prestigious Bangsar address as big corporations which have already moved their offices into KL Eco City including Zurich Malaysia, Gibraltar BSN Life Bhd, Samsung Malaysia Electronics, Shopee Malaysia, J&T Express, Klook and Veolia Water.
Standing tall at 42 storeys, Aspire Tower is slated for completion in 2Q2022. Intelligently designed to engender creativity and collaboration among businesses, the Grade-A stratified office aims to cement the status of global corporations by upholding the highest standard in the integration of flexible workspace, leisure and interconnectivity.
JLL Property Services Country Head YY Lau observes that companies have started to right-size and optimize their space usage since last year and KL Eco City offers the sizes that are in demand. KL Fringe area like KL Eco City development is still holding relatively well compared to the KL City.
“KL Fringe areas, which are easily accesible via highways and public transporations and with a wide range of modern and high quality offices, are still doing well. KL Eco City has the advantage of being an integrated development with added points of its proximity to the super regional mall within walking distance,” says Lau.
Meanwhile, Knight Frank Malaysia Corporate Services Executive Director Teh Young Khean notes that the average rentals and overall occupancy rates of office space in overall Klang Valley (KL City, KL Fringe and Selangor) have continued to be under downward pressure in 1Q2021 as the year started on a more challenging note.
The average rental rate in KL Fringe areas is about RM5.71 psf (-0.5% q-o-q) with an average occupancy of 85.9% (-0.2% q-o-q). Nevertheless, he opines that the occupancy in KL Fringe areas is expected to stabilise in 2021.
Amidst the challenging market, KL Eco City recorded a positive trend for both occupancy and rental. As of 1Q2021, the average rental rate and occupancy stood at RM5.28 psf and 71.2% respectively, exhibiting an increase from 4Q2020 (RM5.17 psf and 62% occupancy), Teh adds.
Aspire Tower also elevates productivity to new heights by offering a range of service premises, thus advancing a lifestyle element to the conventional 9-to-5. Service premises, which include wellness facilities adjoining a swimming pool, sky dining and business centre, are available for outright purchase by companies.
One of its stand-out points is that you have the benefit of owning your private car parking spaces which come as accessory parcels when you purchase selected office units in Aspire Tower. This eliminates the daily hassle and stress of finding a parking space during rush hours.
Aspire Tower is superbly connected to exclusive amenities within KL Eco City, including luxury residential towers, a 5-storey retail mall and a stylish 4-star business hotel operated by ONYX Hospitality Group – Amari Hotel. Winner of 2019 FIABCI Malaysia Property Awards (Office Category) and 2020 FIABCI World Prix d’Excellence Awards (Office Category), KL Eco City is a 25-acre mixed-use and transit-oriented development located at Jalan Bangsar.
Strategically sited to be part of Kuala Lumpur’s new golden triangle, which encompasses the area of Damansara Heights, KL Sentral and Bangsar, KL Eco City is easily accessible via six new ramps and bridges which connect to major roads including Jalan Bangsar, Federal Highway, Jalan Maarof and the New Pantai Expressway (NPE). In addition, peak hour traffic congestion is significantly reduced by an internal two-tier road system.
As a transit-oriented development, Aspire Tower is also accessible through the Abdullah Hukum LRT Station which is linked to the new KTM Komuter Station. Catering to business partners and associates from all over the world, you can hop onto the KLIA Express from KL Sentral, which is two stations away from the integrated LRT-KTM station at KL Eco City. The best part is a covered pedestrian link bridge that joins the development to the bustling Mid Valley City, which offers another array of shopping, dining and services.
Knight Frank Capital Market – Investment Executive Director James Buckley shares that owners/investors of strata offices within a mixed-use & transit-oriented development such as KL Eco City will benefit from easier letting of office space due to the strong tenant demand for locations that provide convenience to amenities and transport, as well as potential capital appreciation in the future.
“Despite the shift in office space trend and a standstill in transaction volumes in 2020 due to the lock down restrictions and pandemic, there is still demand from owners and companies from various industries such as IT/E-Commerce to either lease space or own units in locations such as KL Eco City,” says Buckley.
Conceived to redefine the workplace and working culture, Aspire Tower is the final skyscraper office at KL Eco City, which is set to be one of the most desirable and coveted business addresses in the near future.
For more information on Aspire Tower, please call +6017-671 1794 (Jane) or visit www.aspiretower.com
Check out the sales gallery at Setia International Centre @ KL Eco City.