Client : PT Wika Realty

Year : 2013-2014

KEY ISSUES ADDRESSED :

• Potential demand for both alternatives of: Condominium or Office Tower
• Condominiums will get captive demand from corporates along CBD corridors
• Office tower will get demand from Small suppporting businesses in CBD that may look for more affordable business spaces
• Smaller office plots are more favourable for this segment at this small-business era

RECOMMENDATION :

• Similar demand and potential pricing for condo & strata-title office, but Office will be chaper to build –> Go with Office Tower!
• Boutique office tower that offers smaller unit sizes for small supporting businesses
• Bare finish –> Lower finishing costs
• Small floorplate divisible into smaller size lots to attract small supporting businesses (end-users) and BTL investors (with shophouse budgets)
• GFA 11,788 sqm, not including basement
• 630 sqm saleable floor plate
• Partition size starting from around 130 sqm (smallest lot)

  

IMPLEMENTATION BY CLIENT :

• GFA : 10,800 sqm, not including car parking structure
• Partition size from 131 sqm (smallest lot)
• To maximise the potential revenue, and avoid expensive basement in a small land plot, the building size was increased to accommodate parking floors
• The sale of the strata-title office spaces went very well, investors bought it at a good price, and when completed was relatively superior in terms of quality and sellability to other Office space competitors in secondary roads around Menteng area
• Tamansari Parama was one of Wika Realty’s earliest office tower project which went on to be a success.

 

Top: Bare office space. Mid: Lobby view. Bottom : Coworking space at Avenue8 Office