PETALING JAYA: Australia-based Lendlease and TRX City Sdn Bhd are expanding their investment in Tun Razak Exchange (TRX) by acquiring an additional 1.2-acre in the international financial district.
In a statement yesterday, the companies said the land has been earmarked for a mixed-use development featuring hotel, residential and retail components.
This is the second joint-venture agreement between Lendlease and TRX City, which is the master developer for TRX.
Currently, they are jointly developing a 17-acre lifestyle centrepiece of the district, The Exchange TRX.
“We see strong potential in Malaysia and are excited to support Kuala Lumpur in achieving new levels of sustainability and livability,” said Lendlease managing director and head of Malaysia Stuart Mendel.“Our continued collaboration with TRX City represents a strategic partnership with an organisation that shares our vision and purpose of creating value through places where communities thrive,” he pointed out.Mendel said the land is adjacent to the main pedestrian gateway of TRX, the Raintree Plaza, which is linked to the Bukit Bintang shopping belt via a 700m pedestrian walkway.
“As a future-ready development with high commercial potential, TRX’s prime location and international standards of development positions it as a globally recognised landmark for Kuala Lumpur,” he said.
TRX City chief executive officer Datuk Azmar Talib said that with Lendlease’ expertise and brand name, he is confident that the latter can elevate the broader TRX development to be a world-class destination.
“This year is going to be significant for TRX, as we start opening our doors to HSBC and Affin Bank for their new headquarters, in addition to other new tenants.
“We are excited to see the TRX community growing, as we move closer to realising our vision to make TRX, Malaysia’s own international financial centre and the city’s new lifestyle hub,” he said.
He added that Lendlease has a proven track record and core expertise in urban regeneration and placemaking internationally.
Located in the heart of Kuala Lumpur, the TRX project is a significant public-private project of national importance, bringing together the best practices aligned to economic, social and governance or ESG principles.
The value of the entire TRX development, spanning over 70 acres, is estimated to exceed RM40bil.
The first phase of the project opened in 2019, when one of South-East Asia’s tallest buildings Exchange 106 and the new headquarter for Prudential Malaysia started operating.
Azmar said the project has attracted leading global and domestic investors on the back of its strong sustainability framework that includes district-wide green infrastructure such as an onsite wastewater treatment and recycling plant and an expansive, lush public realm that makes up almost a quarter of the development.
“As Malaysia’s first international financial district and Kuala Lumpur’s future central business district, TRX will strengthen Kuala Lumpur’s position as an international finance centre by creating a seamless and central business environment for financial services firms, multinational companies and other businesses,” he added.
Source: TheStar, February 11, 2022
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