The rejuvenation of the Imbi/Pudu area is moving fast with the Tun Razak Exchange (TRX) acting as the anchor development for a larger story of revitalisation.
Savills (Malaysia)’s has picked it to be this year’s star commercial development. "TRX is on track to be the most successful masterplanned commercial development ever,” the real estate advisory firm said in a statement in January. More importantly, however, TRX will not be an island cut off from neighbouring areas.
The 70-acre financial city taking shape in the heart of Kuala Lumpur has been designed to integrate into surrounding neighbourhoods, kickstarting the rejuvenation of a long neglected central district. “Our designs ensure that TRX will be as porous as possible,” Dato’ Haji Azmar Talib, Chief Executive Officer of TRX City Sdn Bhd says. This allows easy access to the amenities offered in what will surely become Kuala Lumpur’s premier address. Infrastructure upgrades such as the MRT interchange and improvements to nearby roads and highways offer direct benefits to adjacent areas.
“We have even provided TNB with a 2-acre site to bring in the National Grid to TRX, which will also serve the surrounding area,” Dato’ Azmar adds. In a nutshell, “TRX will act as the catalyst of the area,” concludes Dato’ Azmar. Imbi, Pudu and Bukit Bintang can look forward to a boost. Research has shown that the agglomeration effects of clustering businesses foster higher productivity as well as increased job opportunities and wage levels, not only within the boundaries of business districts but also in surrounding districts. The growth of market potential, triggered by increased total income and employment in the vicinity of economic zones, creates incentives to build up new residential properties and other consumption amenities.
With the concentration of international financial giants there, we can expect that in the areas around TRX, retail, F&B and leisure services will mushroom to serve every taste and price, giving business owners new opportunities to tap into. Other support services such as law firms, advertising/PR firms, telco and software companies as well as arts and culture offerings will enhance the ecosystem of a 24-hour “work, live, play” CBD. This will increase demand and the attractiveness of the whole area, not least due to the new pedestrian-friendly system that will link TRX directly to the shopping haven of Bukit Bintang.
Foo Gen Jee, Managing Director at international property consultants, C H Williams, Talhar and Wong, points out, “We are already seeing the impact of TRX in the surrounding area, not just in terms of the businesses, but also the changes in the physical appearance of the shops that are looking to complement what TRX will become.” He adds, “TRX is one of the fastest growing development zones in the city centre right now, and it will become the preferred location for Kuala Lumpur.”