KUALA LUMPUR: Tun Razak Exchange (TRX) is on track to be the most successful masterplanned commercial development, a research by Savills (Malaysia) Sdn Bhd revealed.
Savills Malaysia managing director Datuk Sr. Paul Khong said TRX has already attracted an array of international and domestic institutions in one central precint.
These includes HSBC, Prudential, Affin, Mulia and Lendlease.
Khong said true to its original plan, the 70-acre site will redefine the golden triangle of the nation’s capital and become Malaysia’s undisputed financial hub.
“If we were to make comparison of the amount of completed gross floor area in several major masterplans in Kuala Lumpur, it is clear that TRX is completing at the fastest rate over a 10-year period.
“The success of TRX reflects Malaysia’s unique track record in conceptualising and successfully completing major developments,” he said during a The Property Market in 2018 - Savill’s Top Four Picks media briefing here today.
Besides that, the global real estate services provider revealed the Mass Rapid Transit (MRT) as its second top picks of the year, as the project is rapidly gaining wide acceptance, changes commuter patterns and influences property values.
“This will focus demand around stations and reshape the pattern of property values in Greater KL.
“Properties will increasingly be assessed by the distance from the stations,” he said.
Besides that, Savills said logistics properties will be the focus in the industrial sector in 2018, as the move to same-day delivery is bringing fundamental changes to the sector.
Savills said there will be some major acquisitions and development of ligistics assets as e-commerce gathers pace, primarily with Alibaba’s move into Greater KL to adopt it as its regional logistics hub.
“As the whole logistics supply chain brings disprutive change, we have seen significant increase in demand for large sites in strategic locations,” said Khong.