Successful Co-Agency on 4-Storey PJ SS2 Shop-Office for a Budget Hotel

Dear Readers,

(PJ: Updated - 14.9.2010) If all go well, PJ SS2 will soon have its first "Budget Hotel" run by a budget hotel chain which focuses on making customers feel like being at home: Thus the name - My Home Hotel.

This "PJ SS2 Budget Hotel" will be located neighbouring Island Cafe (along Jalan SS2/61, Petaling Jaya - beside Magnum). The hotel chain currently has branches in Setapak (1 & 2), Kuchai Lama, Shah Alam, Kota Damansara, Gua Musang...(click here to know more).

PJ SS2 Budget Hotel story started this way: I hung a banner on the external wall beneath my office to source for a tenant for the office space below my firm vacated by a law firm which was previously there for more than 5 years. After getting a Tenant but before the banner was taken down, a Mr. Raymond of the budget hotel called to ask if the whole block was available for rental; I told him "no" but asked him whether PJ SS2 would be okay. Well, he said that would be ideal.

That same day, called Mdm May of 4-storey SS2 shop-office beside Maybank. She said the bank (I am not saying which bank) had approached. So, she would wait for the bank; then called a Ms. Florence of Xxxstrong who hung a banner at where "Deva's Bridal" was previously at (No. 191); for 3 days, no reply on whether Owner would accept a Budget Hotel tenant; then, called Terrence of Xxvine Realtors who also hung a banner at the former Deva's Bridal - Terrence was quick; by noon the next day (Monday - 16.8.2010), co-agency letter for the viewing of "Deva's Bridal" have been signed with Xxvine Realtors. But Terrence only managed to show the 4-storey shop-office neighbouring Island Cafe to me and my prospects' (Mr. Raymond & associates); A formal offer with a conditional earnest money of RM15,000.00 was made to the Owner via my realty immediately after the viewing...

After nearly 10 days of negotiations over the finer terms of tenancy including sessions that stretched beyond mid-night and beyond lunch-time with each passing day offering no certainty of a deal, a 3+3+3 years tenancy agreement was finally finalised and ready for signing in the evening of 26.8.2010 on 1.5 hours' notice. Terrence couldn't made it for this occasion (car "broke-down"). Rent-free renovation period has started since 1.9.2010. We wish both the Landlord and the Tenant the best of tenancy relationship and business. 

Anyway, on 4.9.2010 the co-agency fee was ready for Xxvine Realtor's collection and on 8.9.2010, Terrence collected the same for his firm although there was no co-agency agreement signed for this property. We believe we did the right thing because he did open up the property for me and my prospects' viewing - it's not a case of after the signing the co-agency letter, no joint-viewing nor introduction of prospects happens.

Presently, if you are looking to rent PJ SS2 properties, my agency has the following HOT listings:

• 9,268 sf (whole 1st floor with lift) at RM3.90 psf (RM36,000pm) for F&B, restaurant, etc.;
• 4-Storey Shop-Office (Maybank row) at RM15,500 pm;
• Whole Ground Floor (Jln SS2/72) at RM4,200pm (must be clean business - no car workshop, no restaurant, no business that can dirty the place, office or retail of clean products okay with Owner);
• Upper Floors (22x75sf) from RM1,200pm onwards in the heart of SS2.

We are currently also looking for more whole block (3-storey or 4-storey) buildings in PJ SS2 for viewings by a prospect in TCM wellness business - Prospect would be back from China very soon.

I take this opportunity to wish all Muslim friends:
Selamat Hari Raya Aidilfitri!

Best regards,
Douglas GT Tan (E1579)


H/p: 012-288 6993 (Douglas)/ Tel: 03-7958 8821
Fax: 03-7958 7821
Blog: http://PropertyMarketingMsia.blogspot.com