KUALA LUMPUR: CHINA Communications Construction Group (CCCG), the main contractor for the East Coast Rail Link (ECRL) project, aims to increase its order book in Malaysia.
Subsidiary CCCG Real Estate Group international business division general manager Zhang Bao said the group was looking for more infrastructure and property projects.
Yesterday, CCCG and partner WCT Holdings Bhd unveiled Core Residence@TRX, a RM1.4 billion development at the Tun Razak Exchange (TRX), here.
Core Residence@TRX is CCCG’s first residential development in the country.
“We have been in Malaysia for more than 20 years and have completed several projects, including land reclamation works in Port Klang, and the Sultan Abdul Halim Muadzam Shah Bridge in Penang. Our biggest development currently is the RM44 billion ECRL project.
“We are also involved in land reclamation works for Seri Tanjung Pinang Phase2in Penang, and the Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya Line.
“We hope to increase our investment in the property sector,” he told the New Straits Times.
Core Residence@TRX is a joint venture between CCCG and WCT, which is substantially owned by Tan Sri Desmond Lim of the Pavilion group.
It will be developed by Core Precious Development Sdn Bhd, in which WCT and CCCG hold 80 and 20 per cent stakes, respectively.
The high-end freehold project will be developed on a 0.67ha site.
Core Residence@TRX will feature three towers with 700 serviced apartments ranging from 624 to 1,022 sq feet, priced between RM 1 .44 million and RM2.48 million each.
The tallest of the three towers is 190m, or 50 levels, according to Zhang, who is also managing director of Core Precious.
“We are selling fully-furnished units at an average RM2,200 per square feet. We hope to sell all units in less than two years.”
He said the project was scheduled for completion at the end of 2023, adding that the handover to buyers would commence from 2024.
Zhang said Core Precious was targeting international buyers besides Malaysians.
The project was well-positioned for professionals and financial practitioners who would live and work in the city’s business district, he added.