Saudi Arabia Family Acquires Wisma Mont Kiara for RM122million
Wisma Mont Kiara, a 16-storey office building that forms part of a bigger integrated mixed-use development, has been purchased by Saudi Arabia's Alrajhi family from Singapore-based ARA Asset Management Ltd for RM122 million.
The acquisition was undertaken by R J Seven Sdn Bhd, a company with 10 shareholders who were all surnamed Alrajhi.
"This is a long-term investment for the family and their first real estate investment in the country" said Rohan Padmanathan, executive director at JLW, which represented ARA in the deal.
Featuring a gross floor area of 241,682 sq ft, Wisma Mont Kiara has a net lettable area (NLA) of 181,992 sq ft.
A real estate agent noted that the purchase price works out to RM670psf, based on the NLA â€“ a good deal compared to the going rate of similar properties within the vicinity.
"Offices at Pavilion Damansara Heights are going for RM1,400psf while in KL Metropolis, it is RM900psf. At RM670psf, it is even cheaper than the condominiums in the Mont Kiara area. It is a good purchase for the buyer" he said.
"As for ARA, in its overall scheme of things, this (Wisma Mont Kiara) is a small play.â€
With rents at RM4.50 to RM4.80psf, Wisma Mont Kiara is believed to 98 percent tenanted. Notably, 30 percent of the NLA is taken up by ServiceSource International (M) Sdn Bhd while 60 percent is secured until 2020.