Plaza Atrium, KLCC

Plaza Atrium was a corporate office tower designed by renowned architect Kenneth Yeang and completed in 1984. The 24-storey building is located next to buildings like Menara Pan Global, Menara SMI and Wisma Kim Seah along Lorong P Ramlee in Kuala Lumpur.

Plaza Atrium can be accessed via Jalan Sultan Ismail and Jalan P Ramlee and turning off into Lorong P Ramlee. It is also surrounded by 4 & 5 star hotels like Shangri-La, Pacific Regency Hotel Suites, Concorde Hotel and shopping malls, The Weld, Life Centre, and of course KLCC Suria Shopping Mall nearby.

In 2005, an application was made to redevelop and extend the old building. The redevelopment of Plaza Atrium will include 109 service apartment units stretched over 34 floors in an annexed wing. The proposed extension to the original building however, was put on hold in December 2005 following a directive from the Cabinet to the DBKL with regards to service apartments built on commercial land in Kuala Lumpur.

7 different projects around the city were imposed a temporary freeze on development. Lauded by the then hon-sec-general of the National House Buyers Association (HBA), the temporary freeze was helpful as the move would subsequently include service apartments under the Housing Development Act and enjoy its protection for the benefit of home owners. The current redevelopment of Plaza Atrium is being undertaken by Pinehigh Development, a property investment arm of Orchard Parade Holdings Ltd, based in Singapore.

Property Details

• Name: Plaza Atrium
• Address: Lorong P Ramlee, 50450 Kuala Lumpur
• Developer: Pinehigh Development (redevelopment)
• Completion Date: 1982 (original building)
• Tenure: Freehold
• Type: Mixed development
• No. of Units: 109 service apartment units
• No. of Storey: 24 + 34 (extension building)
• Land Area: 0.52 acres
• Rental: RM5.00 psf (previous)

Analysis

Not much is known in terms of the final layout and launch of the redevelopment of Plaza Atrium. A build-then-sell project, Pinehigh is set to reap its reward despite the delay as the building is poised at a strategic location with prospective ROIs for both the office tower and service apartments. With neighboring office tower, Menara Pan Global reaping at least RM5.50psf, the redeveloped Plaza Atrium will definitely fetch a higher rental.

The location of Plaza Atrium is surrounded by many amenities including 2 LRT stations in opposite directions, Bukit Nanas Monorail & Raja Chulan Monorail, just 2-3 minutes drive or 11-12 minutes walk away. Fast food restaurants or fancy cuisine restaurants litter the area that is also known to tourists. The nearest (other) residential property is UBN Apartment, a 24-storey condominium.