Will new party capital of Asia become the next property hotspot?

By Khalil Adis

TREC is located in Jalan Tun Razak and will open in the first quarter of 2015. Photo: TREC.

TREC is located in Jalan Tun Razak and will open in the first quarter of 2015. Photo: TREC.

When it comes to partying, no other city knows how to live it up and let their hair down like Bangkok. Whether your idea of a night out is dancing the night away or something more salacious, Bangkok offers everything, from go-go bars at Silom to jazz bars in Thonglor.

However, for some, Bangkok might seem a bit too racy. In Singapore, we have our very own Zouk which has helped put Singapore on the global clubbing guide.

For Singaporeans, this clubbing institution has become synonymous with every student’s rite of passage, specifically its “Mumbo Jumbo” nights.

With news that Zouk Singapore’s lease is expiring and that we may potentially see the demise of an uber club that has stood the test of time, it appears Kuala Lumpur could well be the next party hub of Asia – at least for those not wanting to travel too far.

After all, once the curtains close for Zouk Singapore, you always have Zouk KL to rely on there.

Unlike Singapore and Hong Kong which have its own dedicated entertainment enclave in Clarke Quay and Lan Kwai Fong respectively, Kuala Lumpur’s entertainment districts are spread across Bangsar, KLCC, Bukit Bintang and Sri Hartamas.

These areas are also known as property hotspots as locals and foreigners alike want to live close to where all the action is.

Kuala Lumpur’s plus points include relatively affordable cost of entertainment, more variety and a more relaxed environment.

However, traffic jams and lack of parking spaces are also something local clubbers complain about.

By 2015, however, a new entertainment enclave called TREC will open just opposite Malaysia’s own dedicated financial district, Tun Razak Exchange (TRX) with ample parking spaces.

A new KLCC in the making?

TREC which stands for “Taste, Relish, Experience, Celebrate” will feature a variety of different styles, atmospheres and moods in five separate zones offering casual and fine dining, quirky and independent cafes, wine bars, pubs, lounges and clubs.

To alleviate parking problems that KL is notorious for, the developer of TREC will build around 1,000 plus car park bays.

Party revelers can also rely on the neighbouring car parking lands and those inside office buildings which account for approximately 2,000 car parking bays.

Timed with the opening of TRX in 2015, Jalan Tun Razak could well be the next property hotspot in Kuala Lumpur as it will be Malaysia’s largest financial and entertainment hub.

Measuring 70 acres and estimated to generate a gross development value of RM26 billion, Prime Minister Dato’ Sri Najib Tun Razak has already said some 500,000 jobs will be created directly and indirectly once TRX is completed

Of this, 40,000 will be knowledge work specialising in financial services, specifically in the Islamic Finance sector which Malaysia is renowned for.

TREC appears to tap on the future growth of TRX as it is poised to offer 20 million sq ft of space, of which 48 per cent and 31 per cent have been allocated for office and residential spaces.

For sure, those working and living within TRX will need a breathing space to let down their hair after a day’s of hard work.

And when we mean space, we are talking over 200,000 sq ft of space, with a total of 77 units ranging from 400 to 5,000 sq ft, allowing TREC to target a tenant mix unparalleled in Malaysia in terms of scale and diversity.

Costing RM323.6 million to develop, TREC is expected to create over 1,500 jobs and estimated to add RM143 million to the local economy annually.

With pricing for condos in KLCC already reaching a record price of RM3,000 per sq ft, the Jalan Tun Razak could very well be the next prime area but offering investors a lower entry price as it is an up and coming business district.

This article was first published by PropertyGuru Malaysia.

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