Singaporean buys 31 office units at The Crest

KUALA LUMPUR: The Crest @ Jalan Sultan Ismail, a 26-storey Grade A office tower developed by SKN Land & Development, has recorded a block sale of 31 office units to a Singaporean investor.

The office tower, comprising 143 office units, were soft-launched early this year.

The company’s chairman, Mohd Rosly Hussein told theedgeproperty.com that the Singaporean individual investor purchased units on the higher floors for about RM80 milllion. He added that some local buyers have indicated their interest for self-use, focusing on smaller and affordable units.

“Other developers are offering bigger office spaces, thus making the entry cost more difficult due to higher pricing. It is more practical to own than to rent,” he added.

Mohd Rosly said the developer was targeting en-bloc purchasers initially but was hampered by the softening office market with offer prices below SKN’s expectations.

“We decided to increase the total number of units from 75 to 143 units of more affordable sizes. The sizes range from 610 sq ft to 10,600 sq ft depending on the orientation and floor location,” he said.

The office units are priced from RM 945 psf to RM1,570 psf depending on unit sizes and location. The total nett lettable space is 190,430 sq ft.

The Crest on Jalan Sultan Ismail, Kuala Lumpur, is located on a 1.71-acre site, and besides its office tower, also includes a high-end 44-storey residential tower, Crest Residence.

The total gross development value (GDV) is RM560 million, with RM212 million of it attributed to the office tower.

The construction for the development of The Crest began in November 2007 and progress now stands at 50%.

“The Crest Office Tower has reached the 17th floor while Crest Residences has reached the 24th floor,” Mohd Rosly said. The office tower is scheduled for completion by the fourth quarter of 2011.

Besides having easy access to public transport, the tower's residents and workers also enjoy the use of a recreational deck on the 5th floor, which houses a swimming pool, a gymnasium, and an 8,000 sq ft air-conditioned terraced food court.

The take-up rate for Crest Residence has reached 80%. The 288 units comprises one-bedroom, two-bedroom, 2+1 bedroom and three-bedroom apartments, boutique penthouses and a super-penthouse ranging from 616 sq ft to 3,543 sq ft.