City & Country: Finishing touches to Menara UOA Bangsar

Further down the road from Bangsar South, UOA Holdings is putting the finishing touches to its Menara UOA Bangsar project on Jalan Bangsar. The developer acquired the two-acre site in Bangsar Utama, Kuala Lumpur, two years ago from UDA Holdings Bhd.

Since the office lots went on sale from end-2007, over 90% of those in the 39-level tower have been sold, while in the 23-level tower, which is for lease only, more than 86% have already been tenanted, says the developer.

UOA Holdings, which has several Grade-A office projects in the Klang Valley under its belt, says Menara UOA Bangsar has been well received as it is the only office development with a direct link to an LRT station (Bangsar LRT station).

The higher tower, with a gross development value of RM500 million and net lettable area of 500,000 sq ft, comprises 427 units with built-ups of between 829 and 5,501 sq ft. While early birds obtained some units at RM650 psf, the average price for the remaining units is about RM900 psf with a maintenance fee of 44 sen psf. The units come with toilets, shower room and a pantry.

The lower tower has a net lettable area of 200,000 sq ft.

Other completed commercial developments in KL by the developer include the 33-storey UOA Centre and 39-storey UOA II in KLCC, the 13-storey UOA Damansara in Damansara Heights and 7-storey UOA Pantai in Pantai Baru. These properties are held under the UOA Real Estate Investment Trust (REIT), one of only two office-only REIT funds in the country. It also developed the 16-storey UOA Damansara II in Damansara Heights.

UOA Holdings’ general manager David Khor says the marketing campaign for Menara UOA Bangsar began in Singapore.

“We have an existing client base in Singapore who have indicated their interest in buying office units in KL. Similar Grade-A office buildings in the republic’s central business district are now over S$3,000 (RM7,200) psf. They are also familiar with the concept of a direct link from the office to the train station,” Khor tells City & Country.

Menara UOA Bangsar will be a new landmark in Bangsar. Other office buildings in the vicinity include Dataran Maybank and Menara Mutiara Bangsar.

For the convenience of workers at Menara UOA Bangsar, the first three floors of the two towers will comprise a retail podium that fronts Jalan Bangsar, comprising a common lobby, F&B outlets and service-related shops. The retail podium is 80% tenanted.

Both blocks are joined on the second level which connects to the train station via a walkway.

The developer is equipping the entire ninth floor of both towers with facilities and amenities such as concierge services, conference rooms, business centre, gymnasium and a lounge.

“The business centre and gymnasium are about 17,000 and 22,000 sq ft respectively. Even though we are outsourcing these facilities, the fees charged by the operator will be minimal as we want to encourage our tenants and owners to use them,” Khor says.

There are 1,260 covered parking bays spread over 10 floors. Other facilities are high-speed elevators, an intelligent fire protection system, spacious corridors, 24-hour security with turnstile-controlled access and CCTVs on every floor.

The developer also offers a flexible modular system for the offices as well as individual air-conditioning control systems.

“Essentially, there are two types of business suites for sale — single or duplex unit. For investors who plan to lease their units, they can let us handle the leasing for a minimal administrative fee. For lease units in the lower tower, we are only offering single-level office suites,” says Khor.

Meanwhile located on Lorong Maarof, behind Menara UOA Bangsar, is another office development by UOA, the 8-storey Wisma UOA Bangsar, which has been sold en bloc to Makmal Capital Sdn Bhd for RM32 million in 2007.



This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 762, July 6-12, 2009