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WCT and Chinese partner to jointly develop first residential project in TRX worth RM1.1b

 

KUALA LUMPUR (Jan 10): WCT Holdings Bhd, which is substantially owned by Tan Sri Desmond Lim of the Pavilion group with a 19.67% stake, and China-based China Communications and Construction Group (CCCG), will jointly develop the first residential project at the Tun Razak Exchange (TRX) here, with an estimated gross development value (GDV) of RM1.1 billion.

In a statement yesterday, WCT said its joint venture (JV) company with CCCG, CORE Precious Development Sdn Bhd, officially held the groundbreaking ceremony yesterday to symbolise the commencement of project construction. CORE Precious is 20%-owned by WCT and the other 80% is owned by CCCG.

The development features two serviced residence towers and one serviced apartment tower and is scheduled to be completed around the end of 2022.

"The development is positioned to be the frontier of global living, placing emphasis on a modern urban living lifestyle that caters to financial professionals and expatriates," said WCT.

The project features 700 residential units alongside meditation decks, gyms, various gardens and pools.  

theedgemarkets.com understood that CORE Precious is still in the midst of tendering the project to a main contractor.

Though targeting full completion by the end of 2022, this new project will be opening exclusively for sales preview by July this year and will be officially launched to the public in November.

CORE Precious managing director Frank Feng said his company is confident in helping TRX achieve its goal of becoming a global financial centre and business hub.

"As an international investor, our vision is to collaborate with TRX City Sdn Bhd 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," he said in the statement.

TRX City chief executive officer Datuk Azmar Talib said he is "confident that when the building is completed in 2022, it will set a new benchmark of sustainable urban living in KL."

To date, TRX has signed Australian property and infrastructure group Lendlease to jointly develop the 17-acre Lifestyle Quarter — which includes an Exchange Mall and residential development. Besides that, Indonesian property developer Mulia International is developing the Exchange 106 commercial building, while HSBC Malaysia and Affin Bank Bhd are building their new headquarters and IJM Bhd is building Prudential Malaysia’s new headquarters in TRX.

WCT shares closed up 4 sen or 5.56% at 76 sen yesterday, for a market capitalisation of RM1.05 billion. — theedgemarkets.com

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