First residential project at TRX launched

This article first appeared in City & Country, The Edge Malaysia Weekly, on December 2, 2019 - December 08, 2019.

From left: Xiong, Tan, Sui, Zhang, Goh and Ni at the official launch of Core Residence @ TRX. Photo by Core Precious Development

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Tun Razak Exchange (TRX) saw the official launch of its first residential project, Core Residence @ TRX by Core Precious Development Sdn Bhd, on Nov 25. The development is an 80:20 joint venture between China-based China Communications Construction Group (CCCG) and Malaysia’s WCT Holdings Bhd.

Occupying 1.65 acres, the RM1.4 billion project will have a total of 700 serviced residences in three blocks. With built-ups of 624 to 1,022 sq ft each, the units are priced from RM1.43 million to RM2.47 million, or an average of RM2,200 psf.

Amenities will include a recreational park, swimming pool, gymnasium, outdoor lounge and indoor playroom. The project is scheduled for completion by 2023.

At the launch, Core Precious chairman and managing director Zhang Bao said the location of the development allows residents to enjoy good accessibility, with the integration of transport services and access to multiple highways.

“The location also provides seamless connectivity to prime facilities nearby in retail, entertainment, education, healthcare and so on. We target to fully sell the project by 2022,” he said at the press conference.

“We are targeting international buyers as TRX is going to be the new financial hub of Kuala Lumpur. We are working with real estate agencies from countries such as Singapore, Japan and China.”

The 70-acre TRX is an integrated development that is slated to be the country’s new central business district and an international financial district. Its master developer is TRX City Sdn Bhd.

Also at the event were China Harbour Engineering Co Ltd chief financial officer Xiong Sheng Quan, TRX City Sdn Bhd chief operating officer Tan Hwa Min, CCCG Real Estate Group vice-president and CCCG Overseas Real Estate Pte Ltd chairman Sui Zhen Hai, WCT Holdings deputy managing director Goh Chin Liong and China Communications Construction Co Sdn Bhd managing director Ni Qing Jiu.

Core Residence @ TRX is also CCCG’s first project in the country. It has been in the Malaysian market for 20 years, focusing on infrastructure construction.

Speaking to the media on the sidelines of the launch, Zhang said CCCG will continue to develop its property business in Malaysia. It is currently in talks with several local partners for potential joint ventures.

“Our focus is still Kuala Lumpur, and hopefully by next year, we will be able to announce our new developments,” he added.