TSR to sell TSR Tower for RM180m?
KUALA LUMPUR: TSR Capital Bhd may consider selling its 17-storey TSR Tower in Mutiara Damansara for close to RM180 million, said sources.
They said TRS, which is listed on Bursa Malaysia’s Main Market, had received enquiries about the property from private investors who planned to buy it to house their corporate office or for investment purposes.
Enquiries also came from local government agencies and multinational corporations that were looking to relocate, said the sources.
TSR chief financial officer Ng Kim Keong said the company had no immediate plans to sell the office tower but was open for discussions.
“If there is a good offer, the management may consider selling the property. There is a lot of demand for office space in Mutiara Damansara. Almost all the office towers there, including TSR Tower, are fully tenanted.”
He told NST Business yesterday it was rare to find office space for lease, while land was also scarce for development purposes.
Completed in April 2014, TSR Tower’s net lettable area is 152,000 square feet.
It has an exhibition hall, a double ceiling height mezzanine floor and about 370 car park bays.
Construction started in 2009 and the gross development value was then RM130 million. By the time it was completed in 2014, the value had risen to about RM150 million.
Real-estate valuers are putting a price tag of about RM170 million to RM180 million for TSR Tower. They said the building, which had a modern façade and design, grand drop-off entrance and fibre optic cables, was located in a hot spot and close to the mass rapid transit station.
Property agents, meanwhile, said TSR Tower’s low density of 30 office units across 17 floors spoke of exclusivity.
The built-up of the office units range from 4,200 to 10,666 sq ft and the asking price is RM4.50 to RM5 per sq ft.
TSR also owns the adjourning 0.5ha plot that is in the designing stages and is earmarked for commercial office development.
Prominent buildings around TSR Tower include the Curve, Tesco, Ikea, IPC Shopping Centre and eCurve. Sharen Kaur