AmpWalk, Ampang Hilir
AmpWalk (also known as Ampang Walk) is a retail and office space located next to The Nomad Sucasa All Suites Hotel along Jalan Ampang. It was a joint venture project by between IGB Corp and Wearnes Brothers Ltd, developed by Permata Alasan Sdn Bhd, completed in 1997 just before the Asian Financial Crisis at the end of 1997.
AmpWalk consists of 2 blocks of office spaces and 3-storey of retail spaces. Retail is conveniently located from the ground floor up and it is accessible right from street level. Offices are securely located above retail spaces.
Retail and office spaces at AmpWalk are rather evenly distributed where retail space has 65,000 sf and office space has 70,000 sf. Retail spaces are owned by Permata Alasan Sdn Bhd and are solely for rental. Where else some office spaces were sold to individual owners, others are for rental.
Located conveniently on the famous Embassy Row, AmpWalk is accessible via Jala Ampang, where to the west leads to downtown Kuala Lumpur, and to the east leads to Ampang and Middle Ring Road 2 (MRR2). In terms of amenities, it is a stone's throw away from downtown Kuala Lumpur, shopping havens, local and international schools, hospitals and business.
Developed and owned by renowned property development companies, as well as located in prime commercial and residential land in downtown Kuala Lumpur, AmpWalk is poised to shine as a landmark in Kuala Lumpur.
Unfortunately, AmpWalk was built and completed right before the Asian Financial in 1997, and thus marked it mediocre performance for the past decade. Even during good times, AmpWalk failed to shine as newer and more attractive properties sprout up around it.
AmpWalk has the classic retail cum office design, which has been proven as good commercial design where office workers will fuel the retail outlets, as well as provide convenience to office workers, especially lunches and a quick trip to the shop. There are 3-storey of retail space of up to 65,000 sf of various lot sizes.
Retails spaces at AmpWalk are solely owned by Permata Alasan Sdn Bhd, and are for rental. Office space measured 70,000 sf where some of it is sold to individual owners. Office suites are furnished with pantry, manager room, conference room and air-conditioners, perfect for small office of up to 6 people.
AmpWalk is estimated to be worth RM120 million for the whole building, but it has been rumored that it is put up for sale for an estimated RM85 millions, 30% below estimated market price. The below market rate may be due to its poor performance in the past decade.
It may be a bargain for investors, considering AmpWalk is very attractive in terms of location, especially its prestige neighbors and proximity to downtown Kuala Lumpur. An updated modern look may very well do the job of turning around this property and be a real competition to those up and coming new developments around the area.