Come 2022, the heart of Petaling Jaya will welcome Atwater, Paramount Property’s latest integrated development within the Klang Valley.
A mixed integrated development that combines office spaces and residential units, Atwater enables residents and businesses to enjoy PJ’s old world charm while living in a sleek and modern environment.
SME Magazine sat down with Paramount Property’s chief executive officer, property division Beh Chun Chong to get a better understanding of Atwater, the developer’s flagship development in Selangor.
According to him, the development is located on 5.09 acres of land in PJ’s Section 13, which has been gazetted as the new Central Business District (CBD).
“Atwater is located at the centre of the CBD, on an arterial road, Jalan Universiti, which has been the main thoroughfare for PJ residents.
“It is a mixed development which consists of two parts, residential as well as the commercial. Atwater has four towers; a 33-storey and a 30-storey tower for residential units, and two office blocks comprising an 16-storey tower and an eight-storey tower,” he explains, adding that Atwater’s gross development value stands at RM780 million.
According to him, the commercial lots will overlook Jalan Universiti, while the residential towers will be located behind the corporate towers.
As Paramount Property emphasises environmental sustainability in all its projects, Beh says that Atwater has been certified under GreenRe for Office Tower B, and is slated for completion in 2022. Construction began in March last year.
Paramount Property launched the residential units in early 2018 and so far the company has received an overwhelming response recording 85% sales of the residential units.
Riding on such robust sales, Paramount Property has decided to officially roll out its office lots. Beh says that there is a total rentable or sellable area of about 370,000 square feet (sq ft), anchored down by company’s headquarters.
What makes Atwater stand-out among other mixed developments in the PJ area? Beh answers that unlike many office developers in the Klang Valley, Atwater will be able to cater to the needs of multi-national companies (MNCs) that want open office space.
“A lot of MNCs that are looking for open office space, but most developers don’t have a lot of open space to offer buyers. What’s available usually are high-rise buildings, with a floor plan of between 8,000 sq ft and 10,000 sq ft after taking into account space for the lift areas, staircases and service areas.
“If you are looking for an area that can give you between 16,000 sq ft and 30,000 sq ft, buyers have to look at standalone locations such as warehouses or a factory,” Beh explains.
However, the shortage in the number of built-to-purpose modern office buildings has provided Atwater an opportunity. A total of four of its commercial office floors are tailor-made and provide larger companies with a floor space of over 30,010 sq ft.
“This is to cater for big corporations that either rent or buy. For organisations that are smaller, Atwater has office spaces that measure 16,556 sq ft with the smaller lots sized around 1,384 sq ft.
“We have a wide range of office lot sizes from between 1,384 sq ft and 30,010 sq ft. Atwater’s ability to provide 30,010 sq ft of office space has caught the attention of several large companies including a medical services company,” he adds.
At the same time, Atwater also caters to smaller players such as SMEs and start-ups. As financing is one of the biggest problems to any SME, Beh believes that SMEs who wish to set up a presence at Atwater will be able to tackle the problem.
“As the developer of Atwater, there are two things which we can offer SMEs. Firstly, as the landlord we can lease out units to SMEs. Secondly, Paramount Property can sign a long-term tenancy agreement with smaller companies, marrying them with another investor with a guarantee,” he explains.
For smaller set-ups with less than 20 staff members, they can operate from Co-labs, a co-working space which will be setting up operations at Atwater and is wholly owned by Paramount Property.
“I believe that a co-working space is an ideal space for smaller outfits so they can concentrate and focus on doing their businesses,” he adds.
“When they start growing to about 20 staff members, I will recommend that they move into a normal office space as they do have the economies of scale to do so,” says Beh.
Beh admits there are some areas that still need further improvements, high on the list is connectivity to public transportation areas.
“We’re not directly linked to any LRT or MRT station in PJ. However once Atwater is completed, we will provide shuttle bus services to connect those living and working in Atwater to two destinations: Asia Jaya LRT and the Phileo Damansara MRT station,” he adds.
Paramount Property Development Sdn Bhd (587910-U)
Paramount Property Gallery
PT 29, Jalan Universiti,
46200 Petaling Jaya, Selangor.
Contact: 03-7931 8091