Kuala Lumpur – Sunway City Berhad (SunCity), the now-familiar name behind the successful Sunway Integrated Resort City in Bandar Sunway, has made a strategic move to invest in Grade A office developments within the Golden Triangle in Kuala Lumpur with the launch of Sunway Tower today.
The company acquired Wisma Denmark in 2007 for a tidy sum of RM170 million. A RM26-million refurbishment exercise was subsequently commissioned to develop the building into what is now known as Sunway Tower, a state-of-the-art Grade A office tower that meets the stringent demands of multinational corporations and embassies within the capital’s Golden Triangle.
Currently, SunCity owns and manages a portfolio of 4.7 million sq ft of commercial property including Sunway Pyramid Shopping Mall, Sunway Carnival Shopping Mall, Menara Sunway, Monash University Malaysia and Sunway University College.
SunCity’s Managing Director for Property Investment, Ngeow Voon Yean says, “The acquisition of Wisma Denmark certainly created a valuable opportunity for SunCity to own a slice of the Golden Triangle.”
Sunway Tower comprises 27 levels of office space with a nett lettable area of 276,000 sq. ft., eight levels of car park space and a freehold parcel of adjoining vacant land.
Strategically located near the intersections of Jalan Sultan Ismail and Jalan Ampang, Sunway Tower is right next to the Dang Wangi LRT station and beside the entry and exit points of the Ampang-Kuala Lumpur Elevated Highway that further links to major highways within and around the Klang Valley.
“Excellent connections to all major transit points including Kuala Lumpur Sentral, the city’s main train station to the Kuala Lumpur International Airport means high traffic for Sunway Tower’s office tenants plus convenient access for tenants. Without a doubt, Sunway Tower’s strategic location and state-of-the-art facilities will offer its tenants exceptional value to operate and conduct business, within, from and around the Golden Triangle,” adds Ngeow.
The RM26-million refurbishment included the facade which received a much needed facelift with the atrium completely redesigned in order to create a strong corporate statement, the main lobby which is now fully air-conditioned and equipped with energy saving features, redefined spaces on the ground and mezzanine floors and a vibrant retail area which is now highly visible from Jalan Ampang with its new glass facade.
The refurbishment has proven to be a wise investment for SunCity with a 30% – 40% increase in rental rates to RM5.50 per sq. ft. With the recent relocation of the High Courts, Sunway Tower is now fully occupied from the previous 40% occupancy at acquisition.
In addition, SunCity has implemented its standards of security, carpark and management services in Sunway Tower. According to Ngeow, “Our key strength has always been our expertise in property management and Sunway Tower is proof of this. Our tenants are experiencing this first hand and are very happy with the facilities and services that we have implemented.”
“We are extremely happy with the all-new Sunway Tower as the building not only looks modern and stylish, extra care has been taken to have a coherent interior and exterior. This is a dramatic change from the ‘old’ Wisma Denmark. The level of security and general health and safety aspects of the building has now much improved” (Ranhill WorleyParsons). The building management has also implemented a “No Smoking” policy.
Next on SunCity’s commercial horizon is another Grade A office building on the remaining parcel of land adjacent to Sunway Tower. “SunCity is always on the lookout for opportunities to invest and expand our portfolio, and we look forward to the completion of the next Sunway building here in the Golden Triangle,” Ngeow concluded.
In addition to its investment in the Golden Triangle, SunCity continues to invest in the Bandar Sunway area with a further 1 million sq. ft. of Grade A offices in the works.