The property is located along Jalan Datuk Sulaiman within the sought-after township of Taman Tun Dr Ismail
KUALA LUMPUR: If you wish to sell your property in a hot market, how do you ensure that you get the best out of the deal?
Go for tender and let the potential investors bid for it; owners of four shops in the sought-after township of Taman Tun Dr Ismail (TTDI) here have decided.
Landed housing property is the current darling of Klang Valley property investments with immense interest focused on, especially, areas with preferred address such as TTDI.
With prices of landed homes soaring in recent times and, in the process, narrowing the value gap between that of shops in the township, it is no wonder that investing interest has spilled over to the latter.
All the four shops up for tender are located in one block on Jalan Datuk Sulaiman, the township’s busiest road. Each of the 3-storey freehold shops measures 25 ft by 75ft with gross floor area of about 5,665 sq ft. The four are owned by different companies but with related ownership.
Three of them have a reserve price of RM2.9 million each while the fourth, an end unit, has a reserve price of RM3 million.
Owners of the commercial entities have received a lot of offers from potential buyers
Interestingly, in comparison, a renovated 1-storey, 25ft by 80 ft intermediate terraced unit in TTDI is currently on the market for as much as RM670,000.
Most of the basic 2-storey terraced houses in the township are now going for between RM700,000 and RM900,000. In fact, the owner of an intermediate unit, said to have been extensively renovated, is asking for RM950,000.
As for the 2-storey detached houses on 6,000 sq ft of land in TTDI, these are going for close to RM3 million or more, depending on its micro location and building condition.
“The owners have received a lot of offers to buy” YY Property Solutions director YY Lau explains of the move to put the shops on tender.
“As a result, the owners couldn’t decide what price to exit. The tender process will save them the hassle,” she told theedgeproperty.com.
All the shops are fully tenanted with net yields of 4% to 5%
All the shops, Lau said, are fully tenanted with net yields of 4% to 5%, a rate she described as decent. With prices rising, gone were the days when investors can enjoy yields of 7% or so, Lau pointed out.
How much would these shops have cost a year ago? Between RM2 million and RM2.5 million, offered Lau. Assuming the shops are successfully tendered at RM3 million, this would have translated into a capital appreciation of between 20% and 50% or so in the last 12 months.
What is even more interesting is that these shops are believed to have been launched back in 1975 at about, a mere RM160,000!
For those interested in the shops, tender documents are available at YY Property Solutions, the exclusive marketing agent. Offers are to be submitted between 9am and 5pm on April 23. To ensure transparency, an independent committee has been appointed by both the owners and the marketing agent to oversee the opening of the tenders, Lau added.
YY Property Solutions is the exclusive marketing agent for the tender exercise
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