Saudi Arabia’s Alrajhi family is acquiring the 16-storey Wisma Mont Kiara office building that is part of a larger integrated mixed-use development in the posh high-rise enclave for an estimated RM122 million from Singapore-based ARA Asset Management Ltd.
The purchase is understood to have been undertaken by R J Seven Sdn Bhd, which has 10 shareholders – all of them bearing the Alrajhi surname. The acquisition is reported to be the first investment by the family in Malaysia. Jones Lang Wootton is the advisor and broker of the transaction.
Wisma Mont Kiara offers 241,682 sq ft of gross floor area and 181,992 sq ft of net lettable area (NLA). Based on the NLA, the transaction works out to RM670 psf, which a real estate agent who spoke to The Edge calls a good deal, in comparison with the going rate of similar properties in the vicinity.
Wisma Mont Kiara is believed to be 98% tenanted, with 60% of the NLA secured until 2020 while 30% is taken up by ServiceSource International (M) Sdn Bhd. Rents are said to be between RM4.50 and RM4.80 psf, including service charges.
Property Name: Wisma Mont Kiara (part of One Mont Kiara)
Gross Floor Area: 241,682 sf
Net Floor Area: 181,992 sf
Building Efficiency: 75%
Rental Rates: RM4.50 – 4.80 psf (including service charges)
Transaction Value: RM122 mil (RM670 psf NLA)
Seller: ARA Asset Management Ltd
Buyer: RJ Seven Sdn Bhd (Saudi Arabia’s Alrajhi family)