Core Residence @ TRX, Kuala Lumpur

  • Pavither
  • 16 December 2019

Core Precious Development Sdn Bhd launched its residential project, Core Residence, at the Tun Razak Exchange (TRX) in Kuala Lumpur on 25 November 2019. The RM1.4 billion high-end project will be developed on a 1.65-acre land in the Kuala Lumpur International Financial District.

Core Precious is a joint-venture (JV) company between WCT Holdings Bhd and China Communications Construction Group (CCCG). The company is 80% owned by CCCG and 20% by WCTC.

CCCG is a global leader in many industries including real estate, covering a project development area of almost 30-million square meters all across the world. They have been in the Malaysian market for 20 years, focusing on infrastructure construction. It is the builder of the Penang Second Bridge and the East Coast Rail Link. CCCG is listed in Hong Kong and Shanghai, and it has projects in Los Angeles, Indonesia, Africa, and Sri Lanka.

Core Precious managing director and general manager of international business division of CCCG Real Estate Group, Zhang Bao said that Core Residence @ TRX adheres to the group’s vision of ‘making the world more accessible, cities more liveable and life more beautiful’. The developer strives to make Core Residence @ TRX the benchmark for modern and sustainable urban living in Kuala Lumpur.

Core Residence @ TRX is the first residential offering in Malaysia’s international financial district.

Core Residence @ TRX will feature naturally-lit and well-ventilated units that embrace the iconic views of the Kuala Lumpur cityscape, complemented by top-notch amenities. The project is positioned to be the frontier of global living for professionals and financial practitioners who will live and work in the business district of Kuala Lumpur.

The 70-acre TRX is deemed a natural expansion of the Golden Triangle – Kuala Lumpur’s prominent commercial, shopping, and entertainment hub – and Core Residence will accommodate new generation clientele who need the convenience of accessibility and require facilities to meet their modern urban lifestyle needs.

TRX is an integrated 70-acre development that will be KL’s new CBD and Malaysia’s International Financial District. The master developer, TRX City Sdn Bhd, is wholly owned by the Malaysian Ministry of Finance (MoF). The MoF also has a 51% stake in Exchange 106, a 106-storey office building, with net lettable space of 2.6 million sq ft.

Address: Jalan Barat, Pudu, 55100 Kuala Lumpur

Property Type: Serviced Residences

Total Units: 700

Tenure: Freehold

Sales Gallery: Level 5-02 Menara Khuan Choo, 75 Jalan Raja Chulan, 50200 Kuala Lumpur

Year of Completion: 2023

Land Area: 1.65 acres

Built-up Area: 624 sq ft to 1,022 sq ft

Facilities:

  • Meditation decks
  • Gyms
  • Gardens
  • Pools
  • 7-storey podium with a central park on the roof

Launch Price: From RM1.44 million

Project Details

Core Residence @ TRX is the first residential offering in Malaysia’s international financial district. The freehold project features 3 blocks of serviced residences with 700 residential units. Built-up sizes range from 624 sq ft (Smart Suite Units) to 1,022 sq ft (Comfort Suite Units), and units are priced between RM1.44 million to RM2.48 million. The developer is targeting buyers from Malaysia, China, Indonesia, and Singapore for this project.

2 blocks comprising 580 units were released for sale in November, with an average price of RM2,200 per sq ft. Of the 580 units launched, 349 are 2-bedroom units. There are 190 units with 1 bedroom, and 41 units with 3 bedrooms.

Zhang Bao said, the average price for the residences is RM2,200 per square feet.

Core Residence @ TRX is the first residential offering in Malaysia’s international financial district.

The project is scheduled for completion at the end of 2023, and handover to buyers for the residences will begin from early 2024. The 50-storey project features an infinity pool, air gym, indoor playroom, outdoor lounge, and a central park on level 7. With GBI and LEED green building certification standards, the project is also more energy-efficient and sustainable.

Core Residence @ TRX is slated for completion in 2023, with the handover in 2024. Zhang says it targets to fully sell the project by 2022.

“We are targeting international buyers as TRX is going to be the new financial hub of Kuala Lumpur. We are working with some real estate agencies to bring in buyers from Singapore, Japan, China, just to name a few,” said Zhang.

Unit Types

 

Built-Up

Launch Price

2015

City Suite

1,011 sq ft

 

 

 

From RM1.44 million

 

Elite Suite

925 sq ft

Signature Suite

839 sq ft

Premium Suite

817 sq ft

Flexi Suite

N/A

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Location

Core Residence is located in the heart of Kuala Lumpur City Centre (KLCC), at the intersection of Jalan Bukit Bintang and Jalan Tun Razak. It is supported by excellent infrastructure and connectivity including KL’s largest MRT station, MRT Interchange, access to the MEX Highway, and SMART Tunnel.

Core Residence is about 1.8km from the Petronas Twin Towers, 800m from Pavilion KL shopping mall. There’s a host of prime facilities around the development, which gives residents the opportunity to live in KL’s pre-eminent location.

Core Residence @ TRX is the first residential offering in Malaysia’s international financial district.

Accessibility

  • Jalan Tun Razak
  • Jalan Bukit Bintang
  • Jalan Sultan Ismail
  • Jalan Ampang – Jalan Pinang
  • Jalan Raja Chulan
  • Jalan Kampung Pandan
  • Maju Expressway (MEX)
  • Setiawangsa Pantai Expressway (SPE) – Middle Ring Road 2
  • SMART Tunnel
  • MRT Line 1 (Sungai Buloh – Kajang Line)
  • MRT Line 2 (Sungai Buloh – Serdang – Putrajaya)
  • LRT Kelana Jaya Line
  • LRT Ampang Line

Education

  • International School Kuala Lumpur
  • Sayfol International School
  • Taylor’s International School Kuala Lumpur
  • Mutiara International Grammar School
  • Eaton House International School

Medical Care

  • Prince Court Medical Centre
  • Gleneagles Kuala Lumpur
  • National Heart Institute
  • HSC Medical Centre
  • Tung Shin Chinese Hospital
  • KL General Hospital

Shopping

  • The Exchange Mall
  • Pavilion KL
  • Suria KLCC
  • Starhill Gallery
  • Lot 10 Shopping Centre
  • Fahrenheit 88 Mall
  • Berjaya Times Square
  • Central Market

Recreation

  • TRX Central Park
  • Royal Selangor Golf Club
  • KL Forest Eco Park
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Analysis

Within Tun Razak Exchange (TRX), The Exchange 106 is the first project to be completed, and the development will also house the new Malaysian corporate headquarters for HSBC, Affin Bank, Prudential Insurance, residential units, a 10-acre park, and a mall.

As for Core Residence, it is the first residential development project there. Its prime location and connectivity makes it a coveted address. The development will be complemented by top-notch amenities that provide a five-star quality lifestyle without leaving the comfort of home. It is perfect for those who want to be at the centre of all the hustle and bustle – financial district, entertainment, dining, park, global events, sports and leisure.

In its H1 2019 report on Malaysian real estate, global property consultant Knight Frank said that Kuala Lumpur’s office rental market outlook “remains cloudy“, as new buildings that have no major tenants end up competing with existing office space. Lendlease Asia CEO Tony Lombardo said that TRX financial district is different as it is a niche development and would not be affected.

Prospective tenants are looking at the big picture of the future potential of the TRX. There could be quick move-in occupancy once the full TRX development is complete. When that happens, it will bode well for residential developments there.

Here’s a quick look at properties in the KL City Centre.

Project

Land Tenure

Unit Type

Completion

Built-up

Approximate Launch Price

Core Residence at TRX by Core Precious Development Sdn Bhd

Freehold

Serviced Residence

2023

624 sq ft – 1,022 sq ft

From RM1.44 million

Tropicana The Residences, KLCC by Tropicana Corporation Berhad

Freehold

Serviced Residence

 

2018

710 sq ft –  – 1, 604 sq ft

From RM1.6 million

Yoo8 serviced by Kempinski (Tower B) by KSK Land

Freehold

Serviced Residence

 

2020

705 sq ft – 1,328 sq ft

 

From RM2.3 million

STAR Residences, KLCC by Alpine Return Sdn. Bhd

Freehold

High-end Condominium

2019

625 sq ft – 2,262 sq ft

 

From RM1 million

Eaton Residences by GSH Corporation Limited 

 

Leasehold

Serviced Residence

 

2020

635 sq ft – 2,982 sq ft

 

From RM1.13 million

 

Isola KLCC by OCR Group

Freehold

Serviced Residence

 

2021

680 sq ft – 3,080 sq ft

 

From RM 1.18 million

 

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Summary

CCCG has been in the Malaysian market for 20 years, focusing on infrastructure construction. It is the builder of the Penang Second Bridge and the East Coast Rail Link. So, there’s little to worry about, if you have not heard of CCCG.

Core Residence @ TRX is the first residential offering in Malaysia’s international financial district.

In February 2019, Finance Minister Lim Guan Eng has declared that the Tun Razak Exchange (TRX) project had been “detoxified”. At the launch of the development’s lifestyle component, The Exchange, Guan Eng said the assets belonging to the project had undergone a “detoxification” programme resultant of the government-led review of the associated projects. The review showed that the government would be able to recover all of its opportunity cost and investment made into TRX.

To get a better idea on estimated monthly instalments, please use the PropertyGuru Home Loan Calculator.

To know exactly how much home loan you can get from the banks and whether you can afford this property, you can use the PropertyGuru Loan Pre-Approval. It is FREE to use and helps you avoid loan rejections. It has a 99.9% accuracy so you can be sure of home loan approval!

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Eric Wong

Pavither

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