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In one of the last freehold plots in the city, commercial development Southgate is anticipated as an exciting project for its location in the heart of the city
Commercial excitement on the horizon
Officially launched in June last year is Southgate, a commercial centre in a strategic location in Kuala Lumpur developed by Mah Sing Group Bhd (Mah Sing).
Taking up one of the last freehold plots within the city, Southgate enjoys exceptional visibility with more than half a million passing traffic daily on Jalan Tun Razak.
Currently at the piling stage, construction is in full swing and slightly ahead of schedule, says Andy Chua, deputy chief operating officer of Mah Sing Properties Sdn Bhd. The 4.76-acre project has a gross development value (GDV) of RM380 million.
Southgate comprises five blocks in total, namely the Corporate and Apex blocks, Vox, Vertex and Vivo. The Corporate building, an eight-storey block fronting Jalan Tun Razak, offers built-up areas of about 230,000 sqf, while Apex, a seven-storey building facing Jalan Dua, offers built-up areas of about 90,000 sqf.
Available for strata purchase are 226 standard and duplex office suites and 64 units of retail lots. Launched in March 2008, more than 90 per cent of Vivo has been sold while Vox and Vertex have received strong take ups.
“We are confident that these units would fetch rental yields of more than eight per cent upon completion in 2011,” he says. The ground and first floors consist of retail units while levels three to seven comprise office suites. The average prices for office suites and retails lots are RM550 psf and RM1,100 psf respectively.
One of Southgate’s unique selling points is its design and infrastructure. At Southgate, all cars are parked in the basement, allowing for a clean and comfortable environment to provide al-fresco dining. Water features and landscaping help to cool the area while wireless hotspots allow tenants to work out of the office.
“In Kuala Lumpur, there is limited opportunity to enjoy this kind of environment,” says Chua, adding that a cool, clean and comfortable environment results in better work productivity.
Mah Sing is currently offering a financial scheme for its commercial properties including Southgate and the upcoming Starparc Point, where purchasers make a down payment of 15 per cent and no further payments until completion. With this package, purchasers are also exempted from legal fees for the Sale & Purchase Agreement (SPA) and loan documentation including disbursement fees.
The group currently has a total of 16 projects with a total land bank of 1,319 acres. Its remaining land bank of 579 acres represents approximately RM3.9 billion of remaining GDV and unbilled sales.
To find out more about Southgate and its developer, kindly call (603) 9221 8888 or 012-227 1998. To view the project, check out the 3D animation walk-through at www.southgate.com.my.