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Rahim & Co was instrumental in the sale and purchase of Bangunan MAS last year. The purchase was a good buy for Pemodalan Nasional Bhd (PNB) for various reasons.

Bangunan MAS presents itself as a rare investment opportunity for astute institutional investors, as it is strategically located along the prime area of Jalan Sultan Ismail, making it a much sought after business address, as well as a well-known landmark in KL. The building is surrounded by and within walking distance from amenities such as the Mutiara Crowne hotel, Equatorial hotel, Raja Chulan LRT station, local and international banks and ubiquitous buses. The building appeals to major anchor tenants simply for its location.

One of the provisions available to PNB to enhance the building’s value is to add another block of offices or service apartments above the existing podium level, thus creating more lettable area and value to the entire development. As the podium levels have a huge advantage of large floor plates boasting some 15,000sf to 23,000sf, this will enable efficient space allocation and usage of space to generate better rental income after some reshuffling of retail tenants and customer service counters are completed.

To modernise the look, façade facelift on Bangunan MAS can be carried out; mechanical and electrical items (lifts, air-conditioning system, etc) only need to be changed on a case-to-case basis. New floor tiles can be easily acquired, while worn out lightings and ceiling boards will need to be replaced.

Just down the road, the successful refurbishment and transformation of Menara Standard Chartered is a testimony of buying a property in a good location. Being the exclusive letting agents for Menara Standard Chartered for nearly 2 years now, Rahim & Co has intimate knowledge about how this building has been transformed to meet today’s market demand. After major refurbishments, Standard Chartered Bank is the anchor tenant, occupying some 140,000sf and increasing. The original ground floor and mezzanine retail space were torn down to create a higher ceiling at the lobby entrance, and the end result was a much brighter and welcome ambience to replace the dimmer and older look.

Today the ground floor houses 2 commissioned sculpture and water feature, a trendy juice bar, Secret Recipe and a 33,000sf California Fitness Centre. Menara Standard Chartered commands a healthy 80% occupancy, with an average rental rate of RM5.00psf for upper floors and average of RM11psf for ground floor retail space. The building was recently acclaimed Best Office Development of the year 2005, awarded by The International Real Estate Federation (FIABCI) Malaysia Property Awards (MPA), demonstrating it as a clear success story.

Menara Standard Chartered - Before refurbishment Menara Standard Chartered -After refurbishment