By NG MIN SHEN
HSBC Bank Malaysia Bhd is investing US$250 million (RM1.07 billion) to acquire land and develop its future headquarters (HQ) at the upcoming international financial district Tun Razak Exchange (TRX).
The banking group and TRX City Sdn Bhd said in a joint statement yesterday that the two parties had signed a sale and purchase agreement for the development of the land into HSBC Malaysia’s future head office.
This marks the first phase of the land acquisition for HSBC’s HQ in TRX with a minimum office space of 52,768.9 sq m, making it the first foreign bank to invest in the TRX project.
The local arm of the global banking and financial services organisation said the investment would be fundamental to developing the country as a financial centre in the Asean region.
“Malaysia is a priority market for the group globally and has an important role to play in our Asean strategy. This investment further cements our growth plans in the country,” said HSBC Malaysia CEO Mukhtar Malik Hussain.
He said TRX’s location in the heart of the nation’s capital would be crucial to enhancing the country’s status as an international financial and business centre, envisaged to attract many multinational and local companies.
“To date, around 7% of the plots available in TRX have been commercialised,” TRX City CEO Datuk Azmar Talib said, adding that the developer continues to receive significant interest from various local and international investors and tenants, including several major global banks and financial institutions.
He said having HSBC as TRX City’s partner will aid in strengthening the position of Kuala Lumpur as a leading worldwide finance and business hub.
TRX has also engaged property and infrastructure group Lendlease Group to jointly develop the Lifestyle Quarter and Indonesian property developer Mulia Group to develop the Signature Tower Plot.
Meanwhile, Affin Bank Bhd and Lembaga Tabung Haji have signed up to develop an office tower and a residential plot respectively, while water management firm Veolia Water Technologies South-East Asia will serve as the water treatment and recycling concessionaire.