In January, the TRX's first ground-breaking ceremony for residential buildings was held by CORE Precious Development Sdn Bhd (CORE Precious).
The launch signals the commencement of project construction for two serviced residence towers and one serviced apartment tower, with an estimated gross development value (GDV) of RM1.1 billion.
"CORE Precious Development is delighted to be part of the TRX family," said Managing Director of CORE Precious, Mr. Frank Feng.
"As an international investor, our vision is to collaborate with TRX City and our valued shareholders in transforming TRX to be the world-class financial centre in this region.
“We aim to create a modern urban living lifestyle within this TRX project," Mr. Feng continued.
Sales previews for the residences is expected to start in the middle of the year, with all three towers scheduled to open its door by the end of 2022.
The residences, themed “a landscape without boundaries”, is made up of 700 residential components. The mixed units are capable of being customised to meet the needs and lifestyles of financial professionals, expatriates and the business community within TRX.
The residences will feature businesses suites, meditation decks, gyms, multiple gardens and pools.
Dato’ Haji Azmar Talib, CEO of TRX City welcomed the latest investors to TRX.
"I am confident that when the buildings are completed in 2022, it will set a new benchmark of sustainable urban living in KL," he said.
International joint venture
CORE Precious is a joint venture (JV) company with 80 per cent stake held by one of the world’s largest engineering and construction firms, China Communications and Construction Group (CCCG).
A multinational, publicly traded infrastructure giant, CCCG is listed at number 91 on Forbes on Fortune's Global 500. The company is Asia’s largest international contractor, and ranked third, along with its affiliates, in last year’s ENR Top 250 International Contractors.
"As a Malaysian financial, trade and service centre, TRX has gathered many top international financial companies, international institutions, government agencies and related enterprises,” Mr. Zhao Hui, Chairman of the CCCG Real Estate Group, said.
“We are honoured to be involved in the development of TRX area and to become the witness of this area’s prosperity and development."
Malaysia’s WCT Holdings Berhad (WCT) owns the remaining 20 per cent in the JV company.
WCT is one of Malaysia’s leading engineering and construction firms, and this investment represents the next step in the company’s fast-growing reputation as a successful property developer.
Speculation has been rife about the new CORE Precious residential offerings in TRX, with The Edge, Malaysia’s leading business and property publication, estimating that the pricing for the units will likely be reasonable, and thus, a good bet for investment.
CORE’s is part of what is dubbed as Park Quarter part of TRX. Fronting Jalan Barat, the plots in this part are an elegant mixed development block at the edge of the TRX Park.
Set adjacent to the North West Plaza, the gateway to TRX from Bukit Bintang, Park Quarter will be a mix between residential and commercial. The buildings here have some of the best park views, as the landscape spreads over the entire TRX is designed to create an urban park setting for pedestrians to enjoy.