Al-Hidayah offers wide office spaces in Olive 108

KUALA LUMPUR: The Al-Hidayah Group is planning to offer 1,000 sq ft-wide office spaces in its Olive 108 mixed development, said Al-Hidayah group chief executive Ismail Mustaffa.

The group is in talks with various local and international medical organisations to take up space in Olive 108's office tower, and about 126 specialists are eyeing the office units, he told theedgeproperty.com on Monday, August 16.

Meanwhile, he said the group is looking at leasing out its 93,000 sq ft retail podium on an en bloc basis.

"We are looking at leasing it out to an anchor tenant. The service must be complementary to the condominiums and serviced apartments. It must attract people to stay," he said.

He added that some of the interested potential anchor tenants have started feasibility studies on the area, and will share their findings with the group in due course.

Its president and executive chairman Baharin Ayob said rental rates for offices would range from RM3 to RM4, while rentals for retail shops would range from RM10 to RM12 psf, which are comparable to rates in Menara Great Eastern, located along Jalan Ampang.

Ismail and Baharin were speaking after the signing ceremony of a contract agreement between Al-Hidayah-Daewoo Sdn Bhd and South Korean-based Kukdong Engineering & Construction Co Ltd, with the latter appointed as contractor for Olive 108.

Al-Hidayah-Daewoo, a 50:50 joint venture between Al-Hidayah and Daewoo International Corporation, is the land owner, while Bakti Kausar Development Sdn Bhd is the project owner.

Al-Hidayah's main activities are construction, property development, information technology, turnkey education provision, and Islamic finance and corporate advisory.

The Olive 108 is a residential and office development that will be built on a 4.88-acre leasehold land parcel along Jalan Ampang, and will count Gleneagles Hospital and the Ampang Puteri Specialist Hospital as its neighbours.

The RM920 million-project will comprise two phases. For the first phase, there are three condominium blocks, two of which are 20 storeys high while the third will be 10 storeys.

A total of 242 condominium units will be housed in this phase, with sizes ranging from 1,970 sq ft to 2,454 sq ft and would be priced at an average of RM750 psf.

Meanwhile, the second phase would feature a serviced apartment block and a Grade-A office tower, each 20 storeys high and standing on a three-storey podium.

In this phase, 210 units of serviced apartments have been planned, with sizes ranging from 750 sq ft to 1,500 sq ft, and would be priced at an average of RM900 psf.

Each floor in the office tower will have a gross floor area (GFA) of 15,000 sq ft.

The office tower will have 10 floors dedicated to housing medical suites for consultation purposes, while the retail podium will be turned into a "wellness centre".

However, subject to market conditions, Ismail said the office spaces may be scaled back and part of it may be converted into residential spaces.

To date, about 80% of the residential units have been taken up, with half of them bought by expatriates.

Construction is scheduled to begin later this year.