This article first appeared in The Edge Malaysia Weekly on December 22, 2025 - December 28, 2025
TRX City Sdn Bhd (TRX City), the master developer of the 70-acre Tun Razak Exchange (TRX), is said to have sold yet another piece of land in the city centre. The buyer of the nearly one-acre plot is the low-profile developer Beverly Group Sdn Bhd, according to several sources.
Raine & Horne International Zaki+Partners Sdn Bhd estimates the value of the land at between RM3,500 and RM4,500 psf, which translates into above RM150 million. Meanwhile, Henry Butcher Malaysia estimates the TRX land’s value at about RM4,000 psf.
Both consultants say the value of land outside TRX is between RM2,000 and RM3,000 psf, depending on the location and category of land use.
The aforementioned TRX parcel is just next to CORE Residence (see map).
TRX City is wholly-owned by the Ministry of Finance.
A company search shows that Beverly Group’s major shareholder is Singapore’s Qingdao Investments Pte Ltd. Beverly Group’s profit after tax for its financial year ended Dec 31, 2024, stood at RM56.75 million while its revenue was RM127 million.
According to its website, the developer’s current focus is Malaysia, where it owns 46.29 acres in Kuala Lumpur for nine housing projects with an estimated gross development value of RM4.4 billion.
Among its projects are its flagship Marc Serviced Residence along Jalan Pinang, 28 Boulevard in Pandan Perdana, Cheras, as well as those in its Quartz WM township in Wangsa Maju, including Lexa Residence, Fera Residence, Altris Residence, Henna Residence and Milla Residence.
As at press time, Beverly Group had not responded to any of The Edge’s questions on the matter.
In another development, IHG Hotels & Resorts opened its luxury-lifestyle Kimpton brand with Kimpton Naluria Kuala Lumpur at TRX on Dec 18. The 26-storey hotel comprises 466 rooms and suites, with four distinct dining venue options and five versatile event spaces.
In other news related to TRX City, Monash University announced in October this year its partnership with the company to build a RM2.8 billion future Monash campus within the exchange. The KL campus, which is scheduled to open in 2032, will accommodate up to 22,500 students and 1,700 staff members by 2040.
Meanwhile, PwC Malaysia will be relocating its headquarters to a new tower, to be developed by TRX City and slated for completion in 2029. The tower (Lot C7-10) will come up next to The Exchange 106.
The developer of CORE Residence at TRX is CORE Precious Development Sdn Bhd, a joint venture between China Communications Construction Group and WCT Holdings Bhd (KL:WCT). CORE Residence comprises three blocks of serviced apartments on a 1.65-acre plot and boasts a GDV of RM1.4 billion. A quick search for listings online reveals that a 688 sq ft unit with one room and one bathroom has an asking price of RM1.3 million while a three-bedroom, two-bathroom unit with a built-up of 1,022 sq ft has an asking price of RM2.4 million.
TRX was officially launched in February last year as the country’s International Financial Centre by Prime Minister Datuk Seri Anwar Ibrahim. Other developments within TRX include The Exchange TRX mall, TRX Residence, Affin Bank, HSBC and Menara Prudential.
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