EMKAY Group to sell Tower 2 of Mercu Mustapha Kamal via stratified floor ownership approach, signs exclusive deal with four real estate agencies

• Completed in 2017, Tower 2 of Mercu Mustapha Kamal is a 21-storey office tower with a gross floor area of 228,144 sq ft and a net lettable area of 183,498 sq ft. The floors available for sale, which are from Level 8 to 21, have a built-up area of 15,102 to 16,146 sq ft.

PETALING JAYA (May 8): Property developer EMKAY Group has repositioned its sales strategy for Tower 2 of Mercu Mustapha Kamal (office tower) from an en-bloc sale model to stratified floor ownership approach. The repositioning is accompanied by the signing of an exclusive agreement between EMKAY Group and four real estate agencies—IPVS Real Estate Sdn Bhd (a member of Cushman and Wakefield), Reapfield Properties Sdn Bhd, JAZ International Malaysia Sdn Bhd and The Roof Realty Sdn Bhd—on Thursday in Damansara Perdana, Petaling Jaya.

Completed in 2017, Tower 2 of Mercu Mustapha Kamal is a 21-storey office tower with a gross floor area of 228,144 sq ft and a net lettable area of 183,498 sq ft. The floors available for sale, which are from Level 8 to 21, have a built-up area of 15,102 to 16,146 sq ft. Each floor will come with approximately 50 car park bays, based on an allocation of one bay for every 300 sq ft. The selling price starts from RM12.73 million.

According to EMKAY Group executive chairman Datuk Fazwinna Mustapha Kamal, the office sector was not in a favourable condition when Tower 2 of Mercu Mustapha Kamal was completed, coupled with the Covid-19 pandemic that took place in subsequent years.

“The office sector faced an oversupply situation. Coupled with our initial en-bloc sales strategy and the change to hybrid work models, the occupancy rate was slower than we had initially envisioned.”

The company started the process of repositioning the sales strategy for Tower 2 of Mercu Mustapha Kamal a year ago, said EMKAY Group chief executive officer Jayasangaran Dhanapal.

“This building was previously for an en-bloc sale, which meant that there’s only one title for the whole building. But, we changed the title and offer titles for each floor so that we can allow SMEs to own [a floor here] instead of renting. So, we changed the title and the configuration. It took time but we are now ready to roll it out to the market.”

The tower comes equipped with energy-saving features such as solar photovoltaic panels, electric vehicle charging stations and rainwater harvesting. Some of its facilities include a main lobby, sky gardens, banquet halls that can cater up to 1,000 people and a prayer hall. 

Tower 2 of Mercu Mustapha Kamal is part of the 7.64-acre leasehold Neo Damansara mixed development in Damansara Perdana. With a gross development value of RM804 million, the entire development comprises 272 units of six- to eight-storey shopoffices, a 640-unit serviced apartment and two office towers (Tower 1 and 2 of Mercu Mustapha Kamal).

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