Malton’s commercial project has condominium facilities
MALTON Bhd's latest commercial development, VSQ @ PJ City Centre has done pretty well with about 40% of its business suites in one of its five blocks sold within two months of launch despite stiff competition.
The freehold project with a gross development value (GDV) of RM207mil has a unique feature: condominium facilities like a swimming pool!
Office workers can unwind at the gym, spa or restaurants after a hard day's work at the recreational deck and retail podium that will have F & B outlets. It is also Wi-Fi ready at selected areas
In fact visitors to VSQ (pronounced as V Square) sales gallery at Phileo Damansara 1, may be forgiven for thinking that it is a condominium because a model of the project shows the usual condominium facilities.
Some owners might turn some of the business suites into a SOHO (small office, home office) where they can live in it. There are individual suites with pantry and bathroom as well as three-phased wiring for all types of office units. Security is also top-notch with access card system and CCTV cameras.
A SOHO may be a good idea especially for single executives who prefer to live and work in the same place and avoid all the traffic jams.
With so many eating-places at nearby Section 13 and 14 (Jaya 1, Jaya 33, Three Two Square and Digital Mall) or at the nearby PJ city centre, buyers or their tenants can have their meals outside without any hassle.
VSQ on 2.58-acres of leasehold land is in a prominent part of Petaling Jaya (along Jalan Utara), where there are plenty of amenities. It is within walking distance to PJ Hilton, Armada Hotel, Crystal Crown Hotel, Menara Axis and the Asia Jaya LRT station. The Tun Hussein Onn Eye Hospital is next door.
However, a minor downside is that Jalan Utara can be quite congested especially during peak after office hours. Fortunately, since it is about 100 metres from the turning into the Federal Highway, it would not be a long wait even if one were caught in a traffic jam.
Malton sales & marketing director Tracey Lai said there had been enquiries for the en-bloc purchase of the other four blocks. They are two, 18-storey corporate towers (average RM530 psf/8,388 sq ft per floor) and two, 7-storey corporate offices (average RM483 to RM486 psf or RM12.3mil and RM11.5mil/3,390 to 3,645 sq ft per floor).
She said the two corporate towers fronting Jalan Utara would be ideal as corporate head offices while the business suites with 921 sq ft to 1,911 sq ft (average price of RM500psf or RM435,900 to RM872,800) was designed for smaller companies which needed smaller space.
Lai's excitement over VSQ is understandable, as the project is perceived to be the new business landmark in Petaling Jaya.
This part of Petaling Jaya has experienced “very hot” take up rates for commercial projects over the past three years and the momentum seems to be in full swing.
This phenomenon is partly attributed to the pent-up demand for office and retail space after a long absence of such projects in the area. Businesses are also relocating to Petaling Jaya. There is now a boom of commercial projects in the area.
Meanwhile, Malton has lined up several high-end projects worth a total GDV of RM2.1bil for this year. They include The Grove, Pearl Villas, and Ukay Spring. It has also soft launched the Amaya Saujana (378 units in three blocks) last November. About 70% of the Phase 1 residential suites had been sold while sales had also been “surprisingly strong” for Phase 2.
It will pre-launch the freehold The Grove in SS23, Petaling Jaya next month. It will comprise of 31 bungalows (price from RM3.4mil to RM3.8mil) and four link bungalows (RM3mil). Its target market is a high-income individual above 35 years old and who is looking to upgrade to an exclusive gated community with 24-hour security.
It has also done very well for its Pearl Villas at Section 16, Petaling Jaya where all 42 units of three-storey semi-detached houses have been sold.
“Many of our purchasers are professionals who bought for their children. As there is a scarcity of freehold land in Section 16, people jumped at the opportunity to buy the Pearl Villas houses priced at an average of RM2.6mil,” she said, adding that it would be very costly for people to buy an old bungalow in Section 16, demolish it and rebuild.
The Malton Group (renowned for its three flagship projects, Bukit Rimau, Mutiara Indah and Mutiara Puchong) comprises the Khuan Choo Group, Bukit Rimau Development Sdn Bhd and Domain Group.
In 2002, the three were injected into Gadek Capital Bhd, resulting in its re-listing on the main board of Bursa Malaysia and it assumed its present name Malton Bhd