• Buying Property in ONYX (Icon City): By CapVen Consultancy

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    onyx-icon-city

    All images shown are for illustration purposes only and should not be deemed as showing the final end result. The developer or its agent reserves the right to amend at their discretion.

    This article includes sponsored ad content by CapVen Consultancy.

    Worldwide companies lose billions of dollars due to productivity-related losses. It’s proven that these losses come due to employees’ health issues linked to the surrounding working environment.

    As a result, we’ve seen a new trend and a niche industry where developers build so called wellness offices and according to Bank Paribas, Real Estate wellness at work is an important talking point for companies today.

    Today, we’ll have a look at ONYX (Icon City), an upcoming wellness corporate development in Petaling Jaya, Malaysia. The project is built by the renown developer Mah Sing Group and planned to be completed in Q4 2023/early 2024.

    About the agent

    Serena Yeong, Head of Consultancy & Investment at CapVen Consultancy, will explain more about this contemporary project, about the units and facilities, and the unique selling points.

    If you’re interested in ONYX (Icon City) and want to get in touch with Serena, you can reach her with the following contact information:

    • Email: serena@capvenconsultancy.com
    • Phone number: +6 019 388 3361
    • Website: www.capvenconsultancy.com

    Project Overview

    • Name: ONYX (Icon City)
    • Type: Wellness Office Development (En-bloc and strata units for sales)
    • Location: Petaling Jaya, Kuala Lumpur (Malaysia)
    • Developer: Mah Sing Group
    • Tenure of Land: Leasehold (94 years left)
    • Completion date: Q4 2023/early 2024
    • Sizes : 1,500 sq ft to 320,000 sq ft
    • Average Net rental yield: 5% – 6%
    • Price: Starting from RM 65 million and on-wards for en-bloc and RM 1.6 million and on-wards for strata units

    The prices and net rental yields are based on assumptions and projections and shall not be deemed as guaranteed returns. The developer and its agent are not responsible and liable for the estimations and projections.

    Before construction:

    onyx-icon-city-construction

    All images shown are for illustration purposes only and should not be deemed as showing the final end result. The developer or its agent reserves the right to amend at their discretion.

    After construction:

    onyx-city-finished

    All images shown are for illustration purposes only and should not be deemed as showing the final end result. The developer or its agent reserves the right to amend at their discretion.

    Serena, ONYX will be a major development having a corporate tower (for leasing), a wellness tower, en-bloc boutique and semi-D offices (for sale), strata office suites (for sale) conference facilities, supermarket, food village, climbing gym, hotel, wellness medical center and medical suites (for leasing to doctors). How will each part of the project look like and what will be the functions be?

    As you can see in the above photo, the various sizes of the buildings are designed to cater a wide range of users depending on their requirements. Each building is designed to give the owners and occupants maximum exposure of the company name for branding purposes, as the project is located in a very strategic location. It’s smack in the intersections of the 2 busiest highways in the Klang Valley!

    icon-city

    All images shown are for illustration purposes only and should not be deemed as showing the final end result. The developer or its agent reserves the right to amend at their discretion.

    Each part of the project is designed to complement each other as the intention is to create a corporate park where the occupiers can work, play, live and enjoy, all within this self sustainable development with all the various facilities to be included.

    The supermarket & food village will provide convenience for the occupants to shop, dine, and entertain.

    The conference facility, with the various meeting rooms, and even the halls are designed to cater to corporate meetings, events, seminars as well as private events such as wedding banquet, birthday celebration. It has a capacity of 120 round tables and 10 paxs per table seating arrangement.

    The climbing gym is to give the occupants an alternative way of working out and staying fit and healthy.

    onyx-layout

    All images shown are for illustration purposes only and should not be deemed as showing the final end result. The developer or its agent reserves the right to amend at their discretion.

    The corporate park comes with a number of high-tech features to improve employees’ productivity and increase well-being. One example is the Electromagnetic Field (EMF) shielding paint at designated locations. What are the other features and how do these affect the employees?

    Let me list the different features, then I will explain more about these in detail. First of all, as you mentioned: Better protection through Electromagnetic Field (EMF) shielding paint at designated locations. Other features include:

    • High quality water with an advanced water filtration system to supply clean and alkaline water for consumption.
    • Better indoor air quality via air filtration system with UV light technology to purify and enhance the fresh air ventilation.
    • Use of low-emissivity glass on the selected façade of the building envelope design to reduce heat transmittance.

    onyx-tower

    All images shown are for illustration purposes only and should not be deemed as showing the final end result. The developer or its agent reserves the right to amend at their discretion.

    90% of the working population spend 90% of their working hours in an office and all the traditional offices were not designed with the occupants in mind. But, ONYX is different because it is the 1st Corporate Park in Malaysia where the features of the office spaces are designed with the occupants in mind.

    For example, in regular offices, the only air filter you get is from the centralized air-con and, thus, when a person falls sick, it becomes easily transmissible because there is no extra layers of filter and UV light to kill the bacteria, unlike the offices in ONYX.

    If the air quality is improved to become 95+% bacteria free, the occupants will not fall sick so easily. Hence, employees can enjoy a better air quality and better health in general.

    The same it goes with the water. In regular offices, no water systems- and filters are provided, unless occupants install these on their own. In ONYX on the other hand, the developer (Mah Sing Group) provides a water system that has filtering and alkaline functions. Drinking alkaline and filtered water will help you to be more healthy!

    Finally, most importantly of all is the shielding paint that act as a conductor to ground the EMF emitted from cables, electronics, and more, so that our bodies will be protected.

    ONYX has an MSC (Malaysia Cyber Centre) status and these buildings have a higher occupancy rate (94%) compared to non-MSC status buildings (83%) on average. Can you explain more about MSC and what the benefits are of having this status?

    MSC is an abbreviation of Malaysia Cybercentre status. It means that companies located here are entitled to incentives, rights, and privileges set out in the MSC Malaysia Bill of Guarantees.

    Companies who obtain MSC status and locate their offices within MSC Cyber Centres will enjoy tax incentives for 10 years from the Malaysian government, ease of employment for foreign employees, and other benefits that can be found here.

    The project will have a wellness tower, which is designed to be a lifestyle wellness destination for individuals and business travelers alike because of the strategic location. How will the wellness tower look like and what can customers expect when staying here?

    The Wellness Tower is divided into 3 zones where the lower zone (Level 6-9) is a wellness medical center that focus on preventive care measures. The mid zone (Level 10-16) is dedicated for medical suites, being leased to doctors for consultations and practices. There will also be a floor dedicated to co-working space for doctors.

    The high zone (Level 17 to 25) is designated for hotel rooms with wellness features, helping the hotel guests to recharge their batteries, relax and rejuvenate after a long hard day at work, or recuperating from a medical condition.

    There will be new technology from the US in the medical wellness center. Preventive medical care is important if one wants to have a healthier body.

    onyx-wellness-tower

    All images shown are for illustration purposes only and should not be deemed as showing the final end result. The developer or its agent reserves the right to amend at their discretion.

    Are you primarily looking for corporate clients, or can foreign and Malaysian individuals invest here as well? How is the process when buying?

    We are open to everyone and anyone who is looking for a good investment opportunity in Malaysia, irrespective if it is an individual, a corporate or a fund/institution buying for own use, investment, or both.

    • For foreign buyers, the minimum purchase price is RM3 million (Approx. USD 750,000 and above) for a single unit.
    • To book a unit or a floor or a block, the booking deposit is 2% of the total amount based on the final sale price (after discount, if any) where the payment will be made to the developer directly.
    • Upon signing the Sales & Purchase Agreement, the balance of 8% of the 1st 10% is required and the remaining 90% will be paid on a progressive basis, spread over the duration of the construction period.
    • The schedule will be provided once a buyer has made the 2% booking deposit.

    Buyers, including foreigners, can apply for a bank loan from Malaysia banks, but the approval is subjective to each buyer financial status.

    What taxes and fees do I need to pay when buying or leasing in ONYX?

    For buyers of en-bloc offices, buyers have to pay their own legal fees, stamp duties, and other related closing costs as required by the Malaysian Government. For strata office suites buyers, the legal fee for the Sales & Purchase Agreement will be borne by the Developer.

    For leasing, if the company has an appointed agent (which isn’t CapVen), the company might have to pay the appointed agent by the interested company a commission of a minimum of 1 month’s rent, if the deal is closed.

    If the company has no appointed agent, then no commission will incur. CapVen is contracted to be paid by the developer for both sales and leasing, hence, we don’t collect any commissions from the buyers or tenants.

    Petaling Jaya has become a quickly emerging tech-hub where many companies relocate, expand or open new offices. What speaks for Petaling Jaya as a better corporate destination than Kuala Lumpur at the moment?

    Traffic congestion in the heart of Kuala Lumpur coupled with high rentals and oversupply has made KL less attractive. Moreover, the talent pools usually stay in the suburbs, hence, the traveling time to Petaling Jaya is much shorter than to KL.

    Besides, KL is usually more appealing to the oil & gas industry and financial institutions. The remaining industries generally prefer to be located in a location such as PJ, where the rentals are much lower, having better accessibility and connectivity to highways, train transportation and cheaper housing.

    And not to forget, better quality office buildings too.

    We see improved connectivity between Petaling Jaya and Kuala Lumpur. Naturally, this has resulted in more investment in the first mentioned. What are some of the major improvements made and what infrastructural changes are planned for the future?

    There are more new highways being built, connecting to suburbs and making the traveling times shorter. It’s also becoming easier to reach fringe areas and the suburbs. For example, a ride that previously took 1 hour will now take perhaps 30 minutes, under normal traffic conditions.

    The MRT (mass rail transit) was completed about 2 years ago, in addition to the different train lines. These will provide wider coverage and benefit Petaling Jaya more than KL.

    No doubt, KL is the heart, but it is overbuilt and contained within a small area. The supply is too big here, the rental and sale prices have not increased over the last 5 years. In fact, some have even dropped.

    On the other hand, because of the increased connectivity thanks to the new highways and new train lines, Petaling Jaya has become a growing hotspot and will continue to be so, especially as developments are subject to tighter and more stringent plot ratios by local authorities.

    Onyx in PJ is the ideal location for great long-term investments!

    Other project details and contact information to the agent

    Below you’ll find additional information about the available blocks and units for sale and the developer background and website.

    En Bloc:

    • 4 blocks of 75,000 sq ft / block
    • 6 blocks of 90,000 sq ft /block
    • 3 blocks of 160,000 sq ft / block

    Strata office suites:

    • Low zone (7 levels; 4 units/level) – 1,500 sq ft to 2,100 sq ft
    • Mid zone (8 levels; 2 units/level) – 3,200 sq ft & 3,700 sq ft
    • High zone (8 levels; 1 unit/level) – 7,210 sq ft / level

    It is intentionally designed with limited office suites and blocks as the developer wants to create an exclusive corporate park with a great price appreciation of the property.

    About the developer

    Mah Sing Group is one of the biggest developers in Malaysia with a revenue of RM 2.2 billion in 2018. Since its inception in the early 90’s, the company has built dozen of projects and won numerous awards, such as:

    • Top Ranked Developer of The Year, 2016-2017, StarProperty.my Awards
    • Top Property Developers Award, 2005 – 2017, The Edge Malaysia Property Excellence Awards

    Are you interested?

    Then contact Serena Yeong with the following contact information:

    • Email: serena@capvenconsultancy.com
    • Phone number: +6 019 388 3361
    • Website: www.capvenconsultancy.com
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