Koperasi Kakitangan Bank Rakyat Berhad (Sekata Rakyat) has signed a sale and purchase agreement with Mainstay Development Sdn Bhd (Mainstay Development) for the en bloc sale of four-storey shop offices at Space U8.

“The agreement demonstrates the level of confidence and support Sekata Rakyat has in Space U8. This is a clear endorsement of our reputation as a preferred partner with bankers and retailers in good or difficult times. Buyers are seeing the opportunity for rental income and retail opportunities and this will improve further as Space U8 comes to fruition,” said Raja Mohd Azmi Raja Razali, chairman of Mainstay Development.

Under the deal, Sekata Rakyat will pay over RM8 million for the three blocks of four-storey shop office with each of the blocks comprising ground floor to third floors at the Shop Unit Mall Office (SUMO) development in Bukit Jelutong, Shah Alam.

“We are confident with the en bloc buy of Space U8 and we believe the project will generate good returns as we are careful with the selection of our investments,” said Datuk Mohamed Arsad bin Sehan, chairman of Sekata Rakyat.

Scheduled for completion in mid 2010, the foundation and basement works of Space U8 are in progress. Space U8, which will be the first commercial hotspot in Selangor to adopt the SUMO concept, offers unique contemporary lifestyle combining business and leisure. It is expected to cater to the immediate working population and neighbouring residential areas.

Comprising 58 units of four-storey shop units, the freehold project is built on a hybrid concept of dual frontage, featuring shop office on the outer frontage and an inner façade of retail outlets. Out of the 58 units are 46 intermediate units, eight end units and four corner units. Intermediate units are sized at 9,000 sq ft while end and corner units vary from 10,000 sq ft to 12,000 sq ft.

Space U8 is also a green project in which the developer will install energy efficient features, incorporating new design methods and creating a covered roof that provides for natural airflow and light.

“Space U8 will be using almost 220,000 used tires in the foundation of the development to act as a heat sink. This heat sink will be the largest heat sink in Malaysia for a commercial building and will reduce temperatures naturally as opposed to conventional air conditioning.

“In addition, we are exploring a number of energy saving devices such as aerated building blocks, energy saving light bulbs and installing photovoltaic cells on the roof to harness the power of solar energy. We firmly believe that this is the right thing to do even though it cost more intitially and savings will be realized only seven years in the future,” said Raja Azmi.

“In terms of the future of Space U8, we will be setting up a one-stop property management body which will not only manage the common areas of the development such as the 70,000 sq ft courtyard but also assist investors and tenants in their day to day operations and other special needs,” he added.