Twin Towers top rate in KL CBD

2009 March 8

tags: Asia, Business, Embassies and Consulates, Government, Kuala Lumpur, malaysia, Office, Petronas Twin Towers, Real estate, States and Federal Territories, Travel and Tourism

by saoandco

: Image via Wikipedia

KLCC P owns prime commercials comprising office towers, retails and ongoing development in the hotbed of the Kuala Lumpur business district.

KLCC Property is expected to renew leases of its tower blocks this year. Despite a forecast shortfall in the overall performance of rentals for office space, KLCCP managed to gain incremental rental rates for its commercial office early this year.

Menara Exxon Mobil tower is renewing at a rate close to RM7.00 p.s.f, from previous level of RM5.25 psf, a shift of about 34%. Twin Towers’ rents are due for a revision from RM8.70 p.s.f to RM9.50 p.s.f, an increment of 10%. The building is on lease to Petronas.

Industry sources believe KLCCP commercial offices are being leased out at low rates. Prime A plus office building like KLCC Towers, according to the sources, appropriately rated at RM12.00 p.s.f or higher, and still the cheapest in the region.

KLCCP is truly the benchmark for prime commercial rate in the Kuala Lumpur Property Market. A remarkable achievement.

From SAO & Co Research. 5 March 2009.