(File pix) Paramount Property CEO Beh Chun Chong with the scale model of Atwater at the Section 13 sales gallery. Pix by NSTP/Rosdan Wahid
Paramount Property chief executive officer Beh Chun Chong said the company is currently in talks with several parties.
“We are open to enbloc deals.We are very confident of selling them via en bloc sale given the strategic location of the project. Section 13 is one of the most affluent neighbourhoods in Petaling Jaya.
“Atwater is not a transit-oriented development but is located in the centre of Asia Jaya LRT (light rail transit) station and Phileo Damansara MRT (mass rapid transit) stations. Also, we are confident because of the branding of Paramount, our built quality and our reputation,” he said.
Atwater has a total gross development value (GDV) of RM800 million. The project consists of two office towers (GDV:RM339 million), two residential blocks (GDV:RM406 million), retail spaces (GDV: RM37million) and a 15,000 sqft sales gallery (GDV: RM18 million).
The project is located between OSK Property Holdings Bhd’s Ryan & Miho development
and Sin Chew Media Corp Bhd’s headquarters on Jalan University. It sits on a 2.05ha site that was previously occupied by Philips Malaysia.
The office and residential buildings have different heights and according to Beh, they are designed that way so that every unit will have a picturesque view of the surrounding.
The office towers (Tower A and B) have eight and 18 levels, respectively, while the two residential
buildings comprise 33 and 29 storeys.
Beh said the office units were launched in January this year and there has been overwhelming respond from investors.
There are a total of 72 units with sizes ranging from 1,400 to 30,000 sq ft.
Paramount is selling the units at RM900 per sq ft (psf) or gross price of RM1.3 million (smallest unit) to RM27 million (biggest unit).
“We are offering office space in four categories. There are four floors of 30,000 sq ft office space to attract multinational companies and co-working space. We are looking at bringing in Co-Labs.
“We also have executive and premier suites. The executive suites are about 1,400 sq ft and we
are looking at small-sized companies with eight to 10 staff. The companies can buy or lease the space.
For the premier suites, which are 3,000 to 16,000sq ft, we are targeting bigger companies,” said Beh.
RESIDENTIAL COMPONENT 87PC SOLD
Beh said Paramount Property has sold 87 percent of the serviced apartments (Tower 1 and 2) comprising 493 units at Atwater.
The apartments were launched in March last year.
According to Beh, the drop-off rate for bookings was minimal.
“There was about 90 per cent success rate from bookings right up to loan approvals. The serviced apartments are the most expensive in terms of psf price in Section 13 but we successfully sold 87 per cent in about a year because of the features of the project.
“We make sure every inch that we design is very useful to the buyer and functional.”
Tower 1 is a lifestyle tower and majority of the units were purchased by first time house buyers at a net price of RM820 psf, said Beh.
Tower 2 is a family-oriented tower and the units were bought mostly by upgraders or those living in the surrounding neighbourhood who are looking to downsize. This included couples in their 60s who are staying alone as their children are studying overseas or have been married.
“We designed the towers bearing in mind the older generation who want to live in comfort and nearby medical facilities. The units come with senior-friendly features. Furthermore, this area in Section 13 is slowly turning into a medical hub.
People want to live here as medical facilities are at their doorstep,” he said.
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