Jaya One's new additionJAYA ONE EVOLUTION - Phase 2
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%.