Point 92 new landmark in Damansara Perdana

PETALING JAYA (June 15): Point 92, a new Grade A green-rated office building which is fast becoming a landmark in Damansara Perdana in Petaling Jaya with its eye-catching design, will be completed in September.

The Malaysian Green Building Index-(GBI) certified 19-storey tower is an MSC-status building with a nett lettable area (NLA) of 155,000 sq ft. It has six levels of basement car park and outdoor decks on the 7th, 8th and 9th floor with the landscaping by Seksan Design.

The building is located at the entrance to Damansara Perdana via the Damansara Puchong Highway.

Tujuan Gemilang Sdn Bhd,  the developer of PJ Trade Centre in Damansara Perdana, sold the office tower late last year to Sarawak-based OBYU Holdings Sdn Bhd. OBYU is a company involved in property development, construction and engineering, power and telecommunications, plantations, services and trading.

Zerin Properties assistant head of mergers and acquisitions (business space) Carlo Russo told The Edge Financial Daily that demand for green buildings is rising.

“The increase in demand for such buildings is mostly seen from multinational companies. However, more local companies are also stepping up their corporate social responsibility requirements and want to reduce their carbon footprints.

Point 92 is expected to  be completed in September.

“Demand is seen in Kuala Lumpur city centre, Petaling Jaya and KL Sentral. The most recently completed GBI-certified building close to full occupancy is KL Sentral Park, now known as KL Sentral Platinum with a NLA of 434,000 sq ft,” said Russo.

Asked if the overall office rental market in the Klang Valley is softening, Russo said that the market is stable.

“We still see strong demand rather than a decline. There is genuine interest by local and foreign companies and we expect this interest to continue for the rest of the year with most new tenancies starting in 4Q12 onwards We think the office market in 2012 will be stable with rentals also stable but with a slight drop in occupancies,” he added.

Zerin Properties and Hartamas Real Estate Sdn Bhd are joint marketing agents for Point 92.

“The rental rate for Point 92 is from RM4.80 psf to RM5.80 psf. Within the vicinity of Point 92, other MSC-status offices such as 1 First Avenue (which is also a green building) and 8 First Avenue (both in Bandar Utama) are asking for RM5.50 psf while nearby in Taman Tun Dr Ismail, Menara LGB currently under construction and scheduled to be completed in 2013, is asking for RM6 psf.

“The anchor tenant may request for naming rights subject to negotiations with the landlord,” said Russo.

This article appeared on the Property page, The Edge Financial Daily, June 15, 2012.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.