October 8, 2026
A 624-square-foot unit at Golden Crown Residence starts at RM1,280,000 [1]. This entry price places the development at a per-square-foot rate of approximately RM2,051 [1]. Based on current subsale asking prices, selected units at TRX Residences are listed above RM2,200 psf, while Core Residence @ TRX shows a broader asking-price range, with selected listings also exceeding RM2,200 psf [2][3]. For buyers comparing residential options in and immediately adjacent to TRX, these subsale prices provide a useful benchmark for assessing Golden Crown Residence’s current entry positioning.
Unlike many new residential developments in Malaysia that begin sales at an early stage of construction, Golden Crown Residence adopted a Build-Then-Sell (BTS) approach. The development had already reached its topping-out stage before being introduced to the market. According to the latest project information provided to Homeland Creation, Golden Crown Residence is currently approximately 75% complete [4].
Another notable aspect of Golden Crown Residence’s Build-Then-Sell approach is its funding structure. According to project information provided to Homeland Creation, the development was cash-built without relying on bank financing for its construction [5]. This allowed the developer to advance construction to a substantial stage before generating sales proceeds, distinguishing Golden Crown from the more common approach of launching sales during the earlier stages of development.
The financial background behind the development also provides useful context for this approach. Golden Eagle Group is chaired by Tan Sri Dato’ Koo Yuen Kim, who is also the Chairman of Perfect (China) Co., Ltd. [6][7]. His broader business interests span consumer products, real estate and other sectors across China and Malaysia, providing a wider business foundation beyond property development alone [6][7].
This track record provides additional context for understanding the financial capacity associated with the group and its ability to pursue a less conventional development approach for Golden Crown Residence. However, the project’s cash-funded construction is based specifically on project information provided to Homeland Creation [5], rather than being inferred solely from Tan Sri Koo’s other business interests. The Build-Then-Sell approach also means that the payment structure differs from that of a typical newly launched development. As Golden Crown Residence has already reached an advanced stage of construction, buyers entering at this stage are required to settle a substantially larger portion of the purchase price according to the applicable progressive billing schedule. Based on the current project payment schedule, approximately 75% of the purchase price is payable at this stage [8].
While this requires a higher initial capital commitment, buyers are entering at a point where a substantial portion of the physical development has already been completed, rather than committing at the early stages of construction.
Golden Crown Residence also offers a Type C dual-key layout measuring 1,023 square feet, comprising two bedrooms, two bathrooms and one utility area [11]. The dual-key configuration provides two separately accessible living components within a single unit, giving owners greater flexibility in how the property may be occupied or rented.
For investors, this flexibility creates several possible ownership strategies. An owner may occupy one section while leasing the other, accommodate family members with greater privacy, or potentially lease the two components separately.
Based on the current project rental policy provided to Homeland Creation, Golden Crown Residence is intended for long-term residential leasing rather than short-term rental operations [12]. The investment case for its dual-key layout should therefore be assessed primarily within the long-term rental market.
As a nearby benchmark, current asking rents for selected 850-square-foot, two-bedroom units at TRX Residences range from approximately RM6,250 to RM8,500 per month, equivalent to roughly RM7.35 to RM10.00 psf [13]. These figures represent asking rents rather than confirmed transacted rents.
Using nearby TRX rental listings as a market reference, Homeland Creation estimates that a 1,023-square-foot Type C dual-key unit at Golden Crown Residence could potentially achieve a combined gross monthly rental of approximately RM8,800 to RM9,500 [14]. As Golden Crown Residence has not yet established an operating rental history, this range should be treated as an indicative rental projection rather than an achieved or guaranteed rental level.
If the two components are separately tenanted, the dual-key configuration may also help reduce the risk of a complete interruption in rental income, as vacancy in one component would not necessarily eliminate rental income from the other.
Tun Razak Exchange was purpose-built as Malaysia’s International Financial Centre, with government policy and incentives forming part of the broader effort to attract financial institutions and international businesses to the district. These incentives have included additional tax deductions for qualifying TRX Marquee Status companies, including a further deduction equivalent to 50% of qualifying rental expenses for commercial premises in TRX, as well as selected capital allowances and relocation-related incentives [15].
The international business ecosystem that has developed within TRX is increasingly visible. Exchange 106, for example, houses a significant concentration of multinational companies, with approximately 90% of its tenants reported to be international firms, including companies operating regional headquarters and Centres of Excellence [16]. Around half of these Exchange 106 tenants are involved in finance and technology-related services [16].
More broadly, TRX has attracted multinational corporations, financial institutions and technology companies, including major global and regional businesses. More than 85% of the district’s office supply had been committed as of September 2026, while approximately 30,000 workers are based within TRX [17].
For residential investors, the concentration of multinational businesses is particularly relevant because international companies may also bring expatriate professionals and specialists into Kuala Lumpur. Under Malaysia’s revised Employment Pass policy effective from 1 June 2026, foreign professionals under Category I must earn at least RM20,000 per month, while Category II covers monthly salaries from RM10,000 to RM19,999 [18]. The Government states that Category I is intended for strategic positions and critical expertise [18].
This does not mean that every TRX employee is an expatriate or falls within these higher salary categories. However, the concentration of multinational companies, regional headquarters and specialised professional roles creates a potential tenant segment with comparatively stronger rental affordability. For Golden Crown Residence, which is located adjacent to TRX, this provides a relevant demand base for professionally managed and well-positioned rental units.
Golden Crown Residence also benefits from proximity to the Tun Razak Exchange MRT station, which serves as an interchange between the Kajang and Putrajaya Lines [19]. Together, access to a major employment centre, an international corporate ecosystem and rail connectivity strengthens the project’s positioning within the wider TRX residential rental market.
Golden Crown Residence is delivered with a partial-furnishing package that significantly reduces the amount of additional work required before the unit can be prepared for occupancy. Based on the developer’s specifications, major built-in fittings and selected appliances are already provided, while the plaster ceiling, electrical wiring and flooring are also completed. Living areas are finished with floor tiles, while the bedrooms are provided with timber flooring [20].
As a result, owners do not need to undertake a full renovation or major electrical and flooring works. The remaining fit-out is primarily focused on loose furnishings and finishing items such as sofas, dining furniture, beds and mattresses, televisions, curtains and light fittings.
Based on current Malaysian retail prices and furnishing packages, a basic rental-ready furnishing budget for a 1,023-square-foot Type C unit is estimated at approximately RM10,000 to RM15,000 [21]. For example, current furniture packages place a three-piece living-room set at around RM1,250, while queen-size bed-and-mattress packages are available from approximately RM1,300. A 55-inch 4K Smart TV can be sourced from around RM1,500, with additional costs required for curtains, lighting, delivery and smaller furnishing items [21].
The final fit-out cost will depend on the quality of furniture selected, the number and type of light fittings, curtain specifications and the owner’s preferred furnishing standard. The RM10,000 to RM15,000 range should therefore be treated as an indicative rental-ready budget rather than a fixed quotation.
Gross rental yield provides a useful starting point for assessing an investment, but it does not represent the amount an owner ultimately retains after property-related expenses.
For Golden Crown Residence, the Type C dual-key unit measures 1,023 square feet. Based on the current project information, the maintenance fee is approximately RM0.80 per square foot per month, inclusive of the sinking fund. This translates to approximately RM818.40 per month, or RM9,820.80 per year [22].
Based on the indicative combined rental projection of approximately RM8,800 to RM9,500 per month discussed earlier, annual gross rental income would range from approximately RM105,600 to RM114,000 [14]. Against an SPA price of approximately RM2.185 million for a Type C unit [23], this represents an indicative gross rental yield of approximately 4.8% to 5.2% before expenses and tax.
After maintenance fees alone, the indicative return would reduce to approximately 4.4% to 4.8% before accounting for other ownership and leasing costs. These may include assessment tax, quit rent, insurance and repairs.
When budgeting for tenant placement, landlords should also account for leasing-related costs. Based on the market practice commonly encountered by Homeland Creation, an allowance equivalent to approximately one month’s rental is typically budgeted for a one-year tenancy, while approximately 1.5 months’ rental may be budgeted for a two-year tenancy [24]. These figures are used as practical budgeting assumptions based on Homeland Creation’s leasing experience. Actual charges may vary depending on the agency, scope of services and agreed arrangement.
Tax residency is another important consideration, particularly for international buyers. A non-resident individual is currently subject to Malaysian income tax at a flat rate of 30% on taxable Malaysian-source income [25]. For rental properties, the final taxable amount may differ from the owner’s actual cash return because the tax treatment of individual expenses depends on whether they qualify as allowable deductions under Malaysian tax rules.
For this reason, the gross yield of approximately 4.8% to 5.2% should not be interpreted as the owner’s final return. The actual net yield will depend on the unit’s achieved rental, occupancy, actual annual property charges, tenant-placement and management costs, maintenance expenses and the owner’s individual tax position.
For international buyers, owning a rental property in Kuala Lumpur involves more than simply finding a tenant. Once the property is leased, owners may still need local assistance with tenant communication, maintenance arrangements, periodic servicing and the preparation of the unit between tenancies.
Homeland Creation provides ongoing local support for owners who appoint the agency to lease their property. Based on Homeland Creation’s current leasing practice, a one-year tenancy typically carries a leasing commission equivalent to one month’s rental. Once the unit is successfully leased, no separate recurring management fee is charged by Homeland Creation for the ongoing coordination support provided during that tenancy [26].
During the tenancy period, Homeland Creation can assist the owner with day-to-day property matters that require local coordination. For example, if an appliance requires attention, an air-conditioning unit needs servicing or a repair needs to be carried out, the team can help coordinate the relevant service provider on behalf of an owner who may be based overseas. The actual cost of repairs, servicing, replacement items, cleaning or other third-party services remains payable by the owner or tenant, depending on the nature of the expense and the applicable tenancy arrangement [26].
When a tenancy ends, Homeland Creation can also assist with preparing the unit for the next leasing cycle, including coordinating cleaning or necessary maintenance and marketing the property for a new tenant. If the owner chooses to enter into a new one-year tenancy, the same leasing arrangement applies, with a new commission equivalent to one month’s rental upon securing the next tenant [26].
This structure can be particularly useful for international owners who do not reside in Malaysia. Rather than having to personally arrange contractors, attend to maintenance matters or coordinate the next tenant from overseas, the owner has a local team that can assist with the operational aspects of the property throughout the tenancy cycle.
The relationship can also extend beyond rental management. If an owner later decides to sell the property, Homeland Creation can assist with marketing the unit and sourcing a purchaser. For residential resale transactions, Homeland Creation’s current agency fee is 3% of the eventual selling price [26], consistent with Malaysia’s official estate agency scale, which provides for a maximum fee of 3% for the sale or purchase of land and buildings [27].
For an overseas investor, this creates continuity across the ownership cycle from purchasing and preparing the property for rental, to securing tenants, coordinating ongoing property matters and, if required, assisting with the eventual resale of the asset.
Golden Crown Residence is entering the market at a time when the wider TRX district continues to develop beyond its initial office and retail components. For property investors, this ongoing expansion is relevant because the surrounding employment, lifestyle, education and transport ecosystem can influence the long-term attractiveness of residential properties in the area.
The supply structure within TRX is also worth considering. Under the TRX masterplan, approximately 30% of the district’s planned gross floor area is allocated to residential use, while the remaining 70% comprises office, retail and hotel uses [28]. The official TRX masterplan currently identifies approximately 3,800 residences alongside around 10 million square feet of office space across the wider 70-acre district [29].
Several major components of TRX are already operational. The 10-acre TRX City Park opened together with The Exchange TRX in November 2023, adding a major public and lifestyle component to the district [30]. TRX Residences has also progressed to completion, with Lendlease currently listing the development’s completion date as 2025 [31].
Further development is already underway. In June 2025, TRX City broke ground on a new 39-storey Grade A office tower anchored by PwC Malaysia, with completion scheduled for 2029 [32]. The addition of further office space is expected to continue expanding TRX’s role as a major employment centre within Kuala Lumpur.
Education will become another component of the district’s future ecosystem. Monash University Malaysia has announced a RM2.8 billion investment in a future campus at TRX. Scheduled to open in 2032, the campus is planned to accommodate up to 22,500 students and 1,700 staff beyond 2040 [33]. The campus development itself is also expected to include student accommodation, meaning not all future student housing demand would necessarily flow into the surrounding private residential market [34].
Nevertheless, the arrival of a major international university could broaden the profile of residential demand around TRX. In addition to the district’s existing corporate and professional tenant base, future demand may include university staff, students seeking private accommodation, shared households and families requiring more living space. This could create additional relevance for two-bedroom and larger residential layouts, although the eventual impact will depend on factors including on-campus accommodation capacity, rental affordability and tenant preferences.
There is already evidence that larger layouts have a meaningful place in the current TRX rental market. PropertyGuru’s September 2026 search data identifies two-bedroom units as the most-searched rental configuration at both TRX Residences and Core Residence @ TRX [35][36]. Current average asking rents are approximately RM8,000 per month for two-bedroom units at TRX Residences and RM7,000 per month at Core Residence @ TRX [35][36]. These are current search and asking-price indicators rather than evidence of future rental performance.
Residential transaction data provide additional context for how the surrounding market has performed. According to EdgeProp’s 2026 analysis, the median transaction price per square foot across the TRX–Bukit Bintang corridor increased from approximately RM1,873 psf in 2024 to RM2,128 psf in 2025, representing an increase of approximately 13.6% [37].
This historical increase should not be interpreted as the expected appreciation rate for Golden Crown Residence. Property performance can vary significantly between developments, and future values will depend on factors including the project’s own performance, future residential supply, buyer demand, financing conditions and the wider property market.
However, Golden Crown Residence’s location adjacent to TRX means that investors are entering a residential market alongside a district that is still expanding. The continued addition of offices, education facilities, lifestyle amenities and infrastructure may broaden both the employment and residential demand base surrounding TRX, although the extent to which this translates into future rental growth or capital appreciation will ultimately depend on market conditions and the performance of the individual development.
REFERENCES
[1] Golden Crown Residence — Current Developer Price List / Project Pricing Information reviewed by Homeland Creation. Internal project source. Supports the current starting price of approximately RM1.28 million for a 624 sq ft unit and the corresponding entry price of approximately RM2,051 psf.
[2] PropertyGuru Malaysia — TRX Residences Current Subsale Asking Prices, September 2026.https://www.propertyguru.com.my/condo-for-sale/at-trx-residences-18014
Supports current secondary-market asking-price comparisons for TRX Residences. Asking prices should not be interpreted as transacted prices.
[3] PropertyGuru Malaysia — Core Residence @ TRX Current Subsale Asking Prices, September 2026. https://www.propertyguru.com.my/property-listing/core-residence-trx-for-sale-by-jin-yong-heng-502093267
Supports current secondary-market asking-price comparisons for Core Residence @ TRX, including a 925 sq ft unit listed at RM2.10 million, equivalent to approximately RM2,270 psf.
[4] Golden Crown Residence — Latest Construction Progress Information provided to Homeland Creation. Internal project source. Supports the latest project construction progress of approximately 75%.
[5] Golden Crown Residence — Developer / Project Funding Information provided to Homeland Creation. Internal project source. Supports the statement that the development was cash-built without relying on bank financing for its construction.
[6] Golden Eagle Group — Official Corporate Information / Golden Crown Residence Project Information. https://goldeneagle.com.my/
Supports the corporate background of Golden Eagle Group and Tan Sri Dato’ Koo Yuen Kim.
[7] Perfect (China) Co., Ltd. — Official Corporate Information.
https://www.perfect99.com/ Supports Tan Sri Dato’ Koo Yuen Kim’s position as Chairman of Perfect (China) Co., Ltd. and provides context on his wider business background
[8] Golden Crown Residence — Current Progressive Payment Schedule reviewed by Homeland Creation.
Internal project source. Supports the current payment structure and the approximate proportion of the purchase price payable at the project’s present construction stage.
[9] EdgeProp Malaysia / Oregeon Property Consultancy — “Changing the Game: How TRX Reshapes the Appeal of KL CBD”, May 2026.
https://www.edgeprop.my/content/1916145/changing-game-how-trx-reshapes-appeal-kl-cbd
Supports TRX Residences transaction data, including average transacted prices of approximately RM2,260 psf in 2024 and RM2,326 psf in 2025.
[10] The Edge Malaysia — “First Residential Project at TRX Launched”, December 2019.
https://theedgemalaysia.com/article/first-residential-project-trx-launched
Supports Core Residence @ TRX’s original launch pricing of approximately RM2,200 psf on average.
[11] Golden Crown Residence — Official Developer Brochure / Type C Floor Plan and Specifications. https://goldencrown.com.my/
Supports the Type C dual-key configuration measuring approximately 1,023 sq ft, comprising two bedrooms, two bathrooms and one utility area.
[12] Golden Crown Residence — Rental Policy / Management Information reviewed by Homeland Creation. Internal project source. Supports the current project policy that the development is intended for long-term residential leasing rather than short-term rental operations.
[13] PropertyGuru Malaysia — TRX Residences Current Rental Listings, September 2026.
https://www.propertyguru.com.my/property-for-rent/at-trx-residences-18014
Supports current nearby rental asking-price benchmarks, including selected 850 sq ft two-bedroom units within the TRX Residences rental market. Asking rents should not be interpreted as achieved rents.
[14] Homeland Creation — Golden Crown Residence Rental Assessment.
Internal market assessment. Supports the indicative combined monthly rental projection of approximately RM8,800 to RM9,500 for a 1,023 sq ft Type C dual-key unit. This is a rental projection and not an achieved or guaranteed rental level.
[15] EY Malaysia — “Tax Incentives for the Tun Razak Exchange (TRX) Project”.
https://www.ey.com/en_my/technical/tax-alerts/tax-incentives-for-the-tun-razak-exchange-project
Supports the TRX Marquee Status incentive framework, including the historical additional deduction equivalent to 50% of qualifying rental payments for eligible commercial premises in TRX, together with relocation and capital allowance incentives.
Additional 2026 update: PwC Malaysia — Tax in Motion Issue 9/2026.
https://www.pwc.com/my/en/publications/tax-in-motion/2026/issue-9.html
Supports the 2026 extension of selected TRX Marquee Status incentives, including Accelerated Capital Allowance and Industrial Building Allowance.
[16] TRX City — “TRX Welcomes Budget 2026 as a Strong Push for Investment and Innovation”.
https://trx.my/press-release/trx-welcomes-budget-2026-as-a-strong-push-for-investment-and-innovation/ Supports the reported tenant profile of Exchange 106: approximately 90% international tenants, including multinational companies operating regional headquarters and Centres of Excellence, with around half involved in finance and technology-related services.
[17] TRX City — “TRX’s Momentum Is On Track With Its 10th Building, Menara Ethos”, 1 September 2026. https://trx.my/press-release/trxs-momentum-is-on-track-with-its-10th-building-menara-ethos/
Supports the latest TRX business ecosystem data: more than 85% of office supply committed and approximately 30,000 workers currently based within the 70-acre district.
[18] Expatriate Services Division (ESD), Immigration Department of Malaysia — Revised Employment Pass Salary Policy Effective 1 June 2026.
https://esd.imi.gov.my/portal/latest-news/announcement/announcement-266-ep-salary-policy-2026/
Supports the revised Employment Pass salary thresholds: Category I RM20,000 and above; Category II RM10,000–RM19,999; Category III RM5,000–RM9,999.
[19] MRT Corp Malaysia — Tun Razak Exchange (TRX) Station.
https://www.mymrt.com.my/projects/putrajaya-line/stations/tun-razak-exchange-trx/
Supports TRX MRT Station’s role as an interchange between the Kajang Line and Putrajaya Line.
[20] Golden Crown Residence — Developer Furnishing Specifications reviewed by Homeland Creation.
Internal / developer-issued project source. Supports the partial-furnishing specifications, including major built-in fittings and selected appliances, completed plaster ceiling, electrical wiring and completed flooring.
[21] Current Malaysian Retail Furnishing Price Benchmarks, 2026.
Furniture Direct Malaysia:
https://www.furnituredirect.com.my/
IKEA Malaysia:
https://www.ikea.com/my/en/
Senheng Malaysia:
https://www.senheng.com.my/
Used as market references for the indicative rental-ready furnishing budget. The final furnishing cost depends on furniture quality, lighting, curtains, supplier selection and the owner’s preferred furnishing standard
[22] Golden Crown Residence — Current Maintenance Fee Information reviewed by Homeland Creation. Internal project source. Supports the estimated maintenance fee of approximately RM0.80 psf per month, inclusive of sinking fund. For a 1,023 sq ft Type C unit, this is approximately RM818.40 per month or RM9,820.80 per year.
[23] Golden Crown Residence — Current Type C Price List reviewed by Homeland Creation.
Internal project source. Supports the current SPA price used in the investment illustration of approximately RM2.185 million for a Type C unit.
[24] Homeland Creation — Leasing Experience / Current Market Practice. Internal operational source. Supports Homeland Creation’s practical leasing-budget assumption of approximately one month’s rental commission for a one-year tenancy and approximately 1.5 months for a two-year tenancy. These figures represent market practice encountered by Homeland Creation and are not presented as Malaysia’s statutory estate agency fee scale.
[25] Inland Revenue Board of Malaysia (HASiL) — Non-Resident Individuals.
https://www.hasil.gov.my/en/individu/lapor-pendapatan/individu-tidak-bermastautin/
Supports the current 30% Malaysian income tax rate applicable to taxable Malaysian-source rental income of non-resident individuals.
Additional tax guidance:
HASiL — Form M Explanatory Notes for Non-Resident Individuals.
https://phl.hasil.gov.my/pdf/pdfam/M2020_ExplanatoryNotes_2.pdf
Provides examples of allowable and non-allowable expenses in calculating rental income.
[26] Homeland Creation — Leasing and Overseas Owner Support Practice. Internal operational source. Supports Homeland Creation’s service model, including tenant sourcing, leasing coordination, assistance with maintenance and contractor arrangements, cleaning and servicing coordination, re-letting support and ongoing local assistance during the tenancy. Third-party repair, servicing, replacement and cleaning costs remain payable by the owner or tenant as applicable.
[27] Board of Valuers, Appraisers, Estate Agents and Property Managers Malaysia (LPEPH) — Official Scale of Fees. https://lpeph.gov.my/fees
Supports the official estate agency fee scale, including a maximum fee of 3% for the sale or purchase of land and buildings.
[28] CBRE | WTW Malaysia — TRX Property Insights / TRX Masterplan Analysis.
https://cbre-wtw.com.my/wp-content/uploads/2024/06/TRX_Final-Report_June-2024.pdf
Supports the planned TRX gross floor area composition: approximately 50% office, 30% residential, 10% mall and 10% hotel. Therefore, approximately 30% of planned GFA is residential and approximately 70% comprises non-residential uses.
[29] TRX City — Our District / Official TRX Masterplan.
https://trx.my/ourdistrict/
Supports the official 70-acre TRX masterplan, including approximately 3,800 residences, approximately 10 million sq ft of office space, 30 buildings and the wider mixed-use district structure.
[30] TRX City — “TRX Underground Tunnel Opens to Public on 29 Nov”.
https://trx.my/press-release/trx-underground-tunnel-opens-to-public-on-29-nov/
Supports the opening of The Exchange TRX and the approximately 10-acre TRX City Park on 29 November 2023.
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