DONE DEAL: Three units in a 4-storey shopoffice, Nova Place, Jelutong, Penang

Rented for: RM13,780 a month (including GST)

Concluded by: Mayzel Wong (REN 17359) of Khoo & Associates Realty (017-575 8999)

When: May 24, 2017

Noteworthy:
● Freehold
● 4-storey shopoffice building with lifts
● Three units with a combined built-up of 4,900 sq ft
● Nearby amenities include restaurants, banks, clinics, hospitals, Jelutong morning market and post office
● 6km away from Penang Bridge, 13km away from Penang International airport and 7km away from George Town

Completed at the end of last year, Nova Place (or Pusat Perdagangan Nova in Bahasa Malaysia) is a new commercial area located at Jelutong, Penang.

According to Mayzel Wong from Khoo & Associates Realty who concluded the rental agreement, Nova Place offers 11 units of freehold four-storey standalone shopoffice blocks with lifts for the investors and business owners.

“This is an exclusive commercial area in Jelutong which offers business owners a modern-design yet spacious office space,” she noted.

The four-storey building comprises seven office lots — a unit on the ground floor which can also be used as retail space and two units each other floor.

The tenant who has taken up three lots, including the ground floor (a built-up of 1,500 sq ft) and two units in first floor (1,600 and 1,800 sq ft respectively), for its warehouse, fishery and packaging business. The remaining units are kept by the owner for their own use.

“The tenant likes the units for its nice design as well as good location as it’s accessible through Jalan Jelutong and Tun Dr Lim Chong Eu Expressway,” she added.

She said the asking monthly rental for ground floor space in Nova Place is about RM6,000, while the upper floors command between RM5,000 to RM5,500, depending on their size.

In this deal, the monthly rental of the three lots totalled RM13,000 (before GST) for a three-year contract, representing a 21% discount on the going rate for similar units.

“The total rental of the three units should be about RM16,500, but because the tenant is renting three units together with a long-term lease, the tenant was able to negotiate for a better rental deal,” she added.

Available rental listings showed that the asking rental of the ground floor in Nova Place is about RM5,000 a month, while the asking monthly rental for the whole building ranges from RM47,000 to RM55,000.

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