DONE DEAL: Retail lot at mezzanine floor, Ampang Point Shopping Centre, Selangor

Rented for: RM20,000 (RM8 psf)

Concluded by: Michael S L Wong (REN 09493) of Dynamic Realtors (012-519 8688)

When: December 2017

Noteworthy:
● 2,500 sq ft
● Mezzanine Floor of Ampang Point Shopping Centre
● Tenant invested RM100,000 for renovation
● Three-year fixed term with option to renew for another three-year term
● Location is central and surrounded by office crowds

According to Michael S L Wong of Dynamic Realtors who concluded the deal, the tenant is none other than Cozy Corner Restaurant, formerly of Ampang Park Shopping Centre, which closed its doors on Dec 31 last year.

“The redevelopment of Ampang Park Shopping Centre has forced them to relocate. The tenant had to carefully choose a new location based on their 30-year customer base’s convenience,” Wong explained.

He also noted that most customers suggested the restaurant owner to consider Ampang Point Shopping Centre for its relocation, a suggestion the restaurant owner took owing to its location in a prime and mature part of Ampang’s commercial area; it is surrounded by banks, international schools, a medical centre, and embassies.

“The target market [for Cozy Corner Restaurant] is nearby office crowds as well as local and foreign residents in the area,” Wong told EdgeProp.my.

“Finally, they chose Ampang Point Shopping Centre to set up their new premise but at that time, Ampang Point Shopping Centre was fully occupied, so the tenant had to wait for a vacant lot to be available,” he said.

Wong added that the rental rate of RM8 psf is reasonable for a retail lot at the mezzanine floor of the mall.

“Compared to the surrounding commercial shop lot on the ground floor, the rental rate is between RM8 psf and RM10 psf,” he added.

“Ampang Point Shopping Centre is easy accessible via Middle Ring Road 2, Ampang-Kuala Lumpur Elevated Highway, Duta-Ulu Kelang Expressway, Lebuhraya Sungai Besi. It is also reachable via Ampang LRT,” said Wong.

Based on EdgeProp.my’s data, there were four transactions between 2H2013 and 1H2017, with transacted prices ranging from RM2,046 psf to RM2,748 psf.

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