The 70-acre integrated urban development of Tun Razak Exchange in Kuala Lumpur has received a strong endorsement from Knight Frank, identified as a commercial real estate hotspot in the Wealth Report 2020.
As part of the investment section of the latest report, Knight Frank included a ‘Building Block’ list designed to showcase global commercial real estate developments of significance.
Knight Frank Malaysia Head of Research and Consultancy, Judy Ong, said the site of Malaysia’s first dedicated financial district would offer a great “work/life/play” balance for local and international workers alike, and is also expected to spur rejuvenation in the neighbouring localities of Imbi and Pudu.
“Set in a lush park environment, TRX is home to The Exchange 106 at TRX, which at 492m is South-East Asia’s tallest building, and enjoys excellent connectivity with a dedicated MRT interchange on the doorstep,” she said.
“The site will include wide range of cafés and restaurants, as well as music and performing arts.
“Japan’s Seibu Department Store is on track to open by the second half of 2021 at The Exchange TRX and will house between 400 and 500 brands.
“The Exchange TRX will also include six residential towers, a hotel, office and rooftop city park, opening in phases from 2021 to 2025.”
Ms Ong noted that “about 70 per cent” of land parcels have been sold to international property developers and construction companies, or global banking institutions.
British insurance company Prudential Assurance Malaysia Bhd is the first official tenant, and TRX will also be home to the Malaysian headquarters of HSBC and Affin Bank Berhad.
TRX launched its first residential project in November last year.