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PROUD 2 B MALAYSIAN
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JAYA ONE EVOLUTION - Phase 2

Jaya One's new addition
By Wong King Wai of theedgeproperty.com
Monday, 10 October 2011 06:00

PETALING JAYA: Only a limited number of retail, office and serviced apartment units of mixed commercial development Jaya One's new phase in Section 13, Petaling Jaya, will be available for sale during its launch on Oct 22.

Developer Tetap Tiara Sdn Bhd will keep most of the retail units for recurring income while about 70% of the serviced apartment units and offices as well as some retail lots have been sold to existing priority customers, executive director Charles Wong told The Edge Financial Daily.

Jaya One's latest and final phase has a gross development value (GDV) of RM360 million. It will sit atop the current phase where the Cold Storage supermarket is operating. Safety precautions and security measures have been taken to ensure the safety of tenants and visitors to Jaya One. It will also not curtail Cold Storage's operations in any way, Wong said.


Wong: It took two years to plan the new phase, and now we have something that we are happy with. Photo: Haris Hassan of The Edge Malaysia
He added that the current foundation was built from the beginning to bear the construction of the new phase which consists of retail lots, offices and apartment units.

The retail lots which will take up four levels — two levels underground and two levels above ground — offer a total gross floor area of 350,000 sq ft. About 250,000 sq ft will be retained for recurring income. The remaining area has been set aside for 30 units, of which 10 have already been sold. The selling price is RM850 psf and sizes range from 1,300 sq ft to 3,500 sq ft.

There are 127 office units across five levels. Only 36 are available for sale and they range in size from 1,180 sq ft to 2,600 sq ft. The selling price is RM580 psf.

The apartments will be housed in two towers. Tower 1 is 13 storeys high and comprises 234 units made up of two-and three-bedroom apartments. The built-ups range from 1,051 sq ft to 2,326 sq ft. Only 66 units are left for sale at RM600 psf as the rest have been sold.

"They were snapped up by people who registered their interest in April 2011, which later translated into sales," Wong said. The other four-storey tower is made up of one-bedroom studio units with sizes between 778 sq ft and 803 sq ft. There are 48 studio units but only 11 remain for sale at RM600 psf. The maintenance fee inclusive of sinking fund is 40 sen psf.

The two towers are on top of the current structure of retail and office units. Just below the towers is the common facilities deck consisting of a gym, swimming pool, an event space that can seat up to 200 people and a vegetable garden area where residents can rent a small plot to grow their own plants and herbs.

Wong said the new phase will be Malaysian Green Building Index-compliant. "We will be aiming for a silver rating," he said. Among the requirements for this rating are energy efficiency, water recycling, proximity to amenities, recycling programmes and green construction methods.

Wong has made provisions for building sky bridges at the project, one of the requirements set by the local council.

"It took two years to plan the new phase, and now we have something that we are happy with," Wong said. The new phase is already under construction and will be completed in early 2014.

Wong said the rental yield expected from offices, retail lots and apartment units is between 7% and 8%.

The earlier phase of Jaya One has a GDV of RM600 million. It took up seven of the 11-acre development and comprises four blocks of shop and office units ranging from seven to nine storeys and one purpose-built office tower. In total there are 226 units with a total net lettable area of 700,000 sq ft. These were fully sold and the subsequent leasing of the units is managed by a subsidiary of Tetap Tiara.

According to Wong, the earlier office units sold in 2005 for RM250 psf have now appreciated to RM550 psf. Rental yields are between 12% and 14%. For those buying at current prices, yields are expected to be between 5% and 6%. The retail lots, which in 2005, went for RM700 psf now command RM1,300 psf. Yields are between 11% and 12% while current yields are between 5.8% and 6.2%.
 

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PROUD 2 B MALAYSIAN
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Discussion Starter · #2 ·
Jaya One to expand
JAYA One, one of several developments in Petaling Jaya's Section 13, will be increasing its footprint with a new phase of commercial development to complement the current five commercial office buildings located at the junction of Jalan 13/6 and Jalan Universiti.

Construction of the new phase has already started and will comprise 400 retail, residential and office units on an additional four acres of land, says Tetap Tiara Sdn Bhd executive director (Jaya One) Charles Wong.


Wong: ‘When we launched the first phase of Jaya One in 2004, it took a bit of convincing the market then that office properties would sell.’
“When we launched the first phase of Jaya One in 2004, it took a bit of convincing the market that office properties would sell. We did not do residential because we knew that it would not work. Now that we have completed the first phase, we are ready to launch residential units in the form of serviced apartments,” he says.

The new phase will comprise 30 units of retail and 130 office units. There will also be 240 units of serviced apartments spread over two blocks. The new phase will consist of a gross built-up area of about 993,000 sq ft, bringing the gross area up to about 1.7 million sq ft.

Prior to the development of Jaya One, the 11-acre site was occupied by a factory.

The retail portion is priced between RM850 and RM1,300 per sq ft. Sizes range from 1,200 to 3,500sq ft. The office portion is priced at RM580 per sq ft. The first residential tower of 13 storeys is priced at RM600 to RM650 per sq ft while the four-storey, second residential block is priced at RM600 per sq ft.

“Section 13 will be a dynamic market as the local authorities have put many new requirements in place. There are several serviced apartment projects coming up. Among the new requirements is the need for developments to be inter-connected with one another. The most practical way will be the provision of bridges to link the projects together. We will be building connecting bridges to neighbouring developments to allow easy access and movement among the buildings within Section 13,” says Wong.

He says there will be greater setbacks between neighbouring lots and internal roads are being planned to avoid adding pressure to the current three roads that service the area. Currently, the three roads are Jalan Universiti, Jalan Kemajuan and Jalan Semangat. Internally, Section 13 is served by Jalan 13/6.


An artist’s impression of the new phase of Jaya One in Section 13, PJ.

Wong says the authorities are trying to get land owners to amalgamate pieces of land to avoid ad hoc development.

The gross development value for the new phase is RM360mil for the portion of the development the company is selling. The company will retain a certain portion for recurring income as it did with Palm Square, which comprises mainly food and beverage outlets in the first phase of the project.

Wong says thus far, most of the buyers are investors with about 20% buying for their own use. The first phase is currently fully occupied with offices being rented out between RM2.50 and RM2.80 per sq ft, retail outlets at RM6.50 and RM7 per sq ft and Palm Square RM8.50 and RM10 per sq ft.

Wong says a large number of those who bought into the new phase had previously bought into the first phase. Besides Tetap Tiara's serviced apartment blocks, there are currently two other serviced apartment projects being planned for Section 13.
 

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MILLENNIUM FALCON
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3,007 Posts
Jaya One Evolution & The School @ Jaya One
my personal take december 2013

I almost bought a unit here, before deciding on another condo instead (one of the new developments in Kelana Jaya)... The price was around 800k and it would have been facing the roof of this car park block, although there was a garden planned there...

Shockingly, upon completion, all I saw on that rooftop was a large water tank, one that would have blocked off the views from that unit... And the garden ended up on the lower block on the right... Luckily I didn't proceed with my purchase (and the other condo was also much cheaper)! :eek:hno:
 
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