KUALA LUMPUR (Sept 21): TRX Residences has achieved a 90% take-up rate for its non-Bumi units in Towers A and B, said TRX Residences director Eric Chan during the topping out ceremony on Thursday at the Tun Razak Exchange in Kuala Lumpur. Towers A and B feature a total of 896 units, of which 627 are non-Bumi units. 

The units' built-up ranges between 474 sq ft to 3,854 sq ft and comprise one- to three-bedroom layouts. The selling price starts from RM960,000. Both towers are expected to be completed by 1Q2024.

Buyers so far hail from 27 countries, including Australia, China, Japan and Singapore. 

TRX Residences has an estimated gross development value (GDV) of RM4.5 billion to RM5 billion and will feature six residential towers with a total of 2,800 units. For the remaining four towers, Chan said that details would be provided at a later date.

TRX Residences is part of the 17-acre The Exchange TRX, a mixed-development project jointly-developed by Lendlease and TRX City Sdn Bhd. The mixed-development consists of The Exchange TRX retail (opening on Nov 29), a 10-acre rooftop TRX City Park, Kimpton Hotel & Restaurants (opening in early-2025) and a campus-style office block. 

The Exchange TRX is located within the 70-acre Tun Razak Exchange in Kuala Lumpur.

At the topping out ceremony Thursday, Chan recalled: "When I first returned to Malaysia eight years ago to work on this project, all that this site had to show was bare land, but it was overflowing with raw potential. It is extremely fulfilling to see the progress of the site up till today as we celebrate the topping out of TRX Residences.”

Also at the ceremony, Local Government Development (KPKT) Minister Nga Kor Ming said, “As a key residential component of Malaysia’s international financial district, TRX Residences delivers a good model for next-generation urban homes." 

Lendlease Malaysia chairman Dinesh Nambiar and TRX City Sdn Bhd CEO Datuk Azmar Talib were also present at the event. 

Nambiar commented that the topping out means that the developer is on track to deliver the project as scheduled. 

Meanwhile, Azmar said: “As the master developer and joint-venture partner of Lendlease, it is truly exciting to witness the progress of the office, retail and residential components [of The Exchange TRX] coming together.

“As of today, we have already welcomed about 20,000 office workers to [the Tun Razak Exchange]. They are from renowned global brands and homegrown blue-chip companies,” he added. 

According to Nga, the 70-acre Tun Razak Exchange development is estimated to generate GDV of RM40 billion, with a total of 26 blocks offering 6.5 million sq ft. Upon completion of the Tun Razak Exchange, 45,000 to 50,000 people are expected to work within the development. 

“Tun Razak Exchange is a government initiative to encourage economic growth and project Kuala Lumpur as  a world-class destination. Our prime minister and finance minister have confirmed that this International Financial District is one of our key national initiatives to expand and grow our economy,” Nga added.  

The Tun Razak Exchange is connected by the Smart Tunnel, Setiawangsa-Pantai Expressway, MEX Highway as well as the MRT Tun Razak Exchange station.

Nga also highlighted that the property sector must not forget the need for affordable housing. 

“DBKL has identified 139 blocks of buildings which are due for urban redevelopment and KPKT is pushing for an urban redevelopment agenda. We are scheduled to table the new act [urban renewal guidelines] next year.

“I would like to invite all international players, including Lendlease, to participate in this national mission to transform, upscale and upgrade our city.” 

He added that the tabling of the act will drive urban redevelopment not just in Kuala Lumpur, but also in other cities throughout the country. 

With the upcoming Budget 2024 scheduled on Oct 13, Nga shared that KPKT had proposed new financial initiatives with regards to affordable housing and the upgrading of public amenities. 

“We have proposed 29 new financial initiatives by asking for an additional RM1.8 billion allocation to carry on more people-centric infrastructure. 

“For the housing industry, we are asking to build more affordable houses. KPKT has targeted [to achieve] 500,000 units of affordable housing by 2025. In the recently concluded 12th Malaysia Plan mid-term review, our target is 50% but we have achieved 52.38%. We are on the right track."

As for public amenities, Nga said: “We are asking [for] RM300 million to build BMW (Bersih, Menawan, Wangi) toilets all over the country. We cannot afford to continue with our old practice whereby you have dirty, filthy toilets all over the country. At the same time, we also want to [give priority] for markets above 50-years-old for upgrading works.”