Property developer Goodwill Polygon Sdn Bhd has sold 70 per cent of its new commercial project called Qube in Shah Alam, Selangor, taking advantage of a shortage of such developments in the city.
The 17-storey office building, with retail lots, has a gross development value of RM130 million and is due to be ready by August 2013.
"Most of the non-Bumiputera lots were sold out; the majority lots left are Bumiputera lots. We really hope they will be taken up soon," said CASB Group of Companies director Prudence Wong. Goodwill Polygon is the property arm of CASB Group.
According to a survey conducted by CH Williams Talhara & Wong, there has been no new supply of retail-cum-business development centres in Shah Alam since 2000. Some 580,000 people live in Shah Alam and there are about 183,000 small businesses in the city.
"Qube will cater to the needs of business owners looking for a more prominent corporate address in Shah Alam. The survey shows that the demand is there for this type of development," she said.
The current office blocks located around Shah Alam are also 98 per cent occupied. The development of Qube 2 is already in the pipeline, and it is expected to be launched as early as next year.
The development sits on a 1.4ha site, of which 0.7ha is for the development of the first phase of Qube and the remaining for its second building.
The size of Qube business suites range between 548 sq ft and 2,300 sq ft each and prices start from RM450 per sq ft onwards. Meanwhile, the retail lots will be leased out for rental income.
Yesterday, the company organised a property seminar "Maximise Profits for Your Business" in Shah Alam to educate business owners and investors on property investment. Four renowned property gurus, Ho Chin Soon, Jeevam Sahadeevan, Master David Koh and Milan Doshi spoke at the event.
By Business Times
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