China Strengthens Foothold in Malaysia With CCCC Hub in Asia at TRX

September 26, 2017

 
China Communications Construction Co Ltd (CCCC) is building the CCCC tower in the Tun Razak Exchange (TRX), which will serve as its regional head office for Asean.

“We have acquired the land. We are in the midst of reviewing the project so details are scant now,” said CCCC vice-president Peng Dapeng.

“We will have our regional head office there for Asean and some portion of the tower will be rented out.” However, he did not disclose the investment value and the gross development value.

He noted that the group has eight regional hubs globally to date.

“Malaysia is very important to us. As you can see, the contract value we have in Malaysia is the highest among other Asean countries. Currently, we have more than US$16 billion (RM67.27 billion) worth of on-going contracts in hand. We believe this number will be bigger in the future,” he said.

CCCC’s Malaysian subsidiary had agreed to subscribe to 15 percent in WCT Precious Development Sdn Bhd (WCTPD), which had earlier purchased a 71,986 sq ft site in the TRX district for RM223 million from 1MDB Real Estate Sdn Bhd (1MDBRE).

CORE (Singapore) TRX Investment Pte Ltd, a company related to CCCG Real Estate Group Ltd, which is a sister company of CCCC, holds the controlling 65 percent stake in WCTPD. WCT Land Sdn Bhd owns the remaining 20 percent.

A RM1.1 billion high-end serviced apartment tower was then proposed to be built on the land, with 1MDBRE awarding the construction contract to WCT Holdings Bhd’s unit WCT Bhd.

 

Image sourced from The Sun Daily.

 

This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my

 

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