http://www.theedgemarkets.com/article/wct-...trx-worth-rm11b
The development consists of two serviced residence towers and one serviced apartment tower, alongside meditation decks, gyms, various gardens and pools. The development carries an estimated gross development value (GDV) of RM1.1 billion.
It was reported that the main building construction contract is being tendered out. Sales preview is targeted by July this year while the official launch of the project is scheduled for November 2019. The development is scheduled to be completed around the end of 2022.
Based on WCT’s announcement dated Oct 19, 2015, the salient particulars of the land are: i) land area: 71,986 sq ft; ii) floor area ratio: 10.8; and iii) maximum permissible gross floor area: 775,002 sq ft.
Assuming a building efficiency ratio of 0.75 times, the development would have a permissible net floor area of 581,252 sq ft. Based on a GDV of RM1.1 billion, this translates into an average selling price of about RM1,900 per sq ft, which we deem quite reasonable. Based on a projected GDV of RM1.1 billion and a total of 700 residential units, the average selling price is RM1.57 million per unit.
For comparison, based on the second half of 2018 property market research by Knight Frank, recently launched Block B of Agile Bukit Bintang, Block C of Yoo8 @ Conlay, and Windsor Suites at Pavilion Damansara Heights have selling prices of RM1,839 to RM2,107 per sq ft, RM3,262 to RM3,464 per sq ft, and from RM1,700 per sq ft respectively.
With a reasonable pricing, we expect the project to be fairishly accepted amid a challenging property market. This is given its strategic location within the new financial district of Kuala Lumpur, excellent accessibility (direct links between TRX and Smart Tunnel, Maju Expressway, Jalan Tun Razak and Jalan Sultan Ismail) and, last but not least, good connection by mass rapid transit Line 1 (MRT1) and MRT2.
TRX RESIDENCES @ TUN RAZAK EXCHANGE, KL International Financial District+MRT