IJM Corp Bhd is set to build and own an office tower called “Menara Prudential” in the financial district of the Tun Razak Exchange (TRX).

This comes after IJM bought over Fairview Valley Sdn Bhd, a subsidiary of TRX City Sdn Bhd, which had plans to build a 27-storey purpose-built commercial building on a 1.18-acre (0.48ha) plot in TRX.

The building will cost RM500 million to develop and become the new Malaysian headquarters of Prudential plc’s life and asset management business.

It will have a gross floor area of about 560,000 sq ft and has secured tenants for about 84% of the net lettable area, IJM noted in a release yesterday.

The building is now under construction by IJM Construction Sdn Bhd and is slated for completion by the end of next year. TRX will be Malaysia’s first international financial district.