The 60:40 partnership between Lendlease and TRX City is currently developing 6.88ha of TRX
By ANIS HAZIM / Pic by Muhd Amin Naharul
AUSTRALIA-BASED Lendlease Group and TRX City Sdn Bhd have acquired an additional 1.2 acres (0.48ha) of land to expand their joint venture (JV) investment in Tun Razak Exchange (TRX).
The 60:40 partnership between Lendlease and TRX City is currently developing 17 acres of TRX.
The 1.2 acres of land is located within the international financial district for a mixed-use development featuring hotel, residential and retail.
“We see strong potential in Malaysia and are excited to support Kuala Lumpur (KL) in achieving new levels of sustainability and liveability,” Lendlease Malaysia MD and country head Stuart Mendel said in a joint statement yesterday.
He said the group is pleased with the progress of TRX to date, which contributed to the decision to acquire an additional plot within the master development.
“As a future-ready development with high commercial potential, TRX prime location and international standards of development positions it as a globally recognised landmark for KL,” he said.
The new plot is located 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.
TRX City CEO Datuk Azmar Talib said TRX is moving closer to becoming Malaysia’s own international financial centre and the city’s new lifestyle hub.
”This year is going to be significant for TRX, as we start opening our doors to HSBC and Affin Bank (Bhd) in their new headquarters (HQ), in addition to other new tenants,” said Azmar.
He said the agreement with Lendlease is welcoming the right foot to start the year.
“Lendlease has the valuable expertise and brand name that can help elevate the broader TRX development to be a vibrant, inclusive world-class destination,” he said.
The JV agreements between the two parties demonstrate Lend-lease’s confidence in the 70 acres project touted to be KL’s next central business district (CBD).
As Malaysia’s first international financial district and KL’s future CBD, TRX will strengthen KL’s position as an international finance centre by creating a seamless and central business environment for financial services firms, multinational companies and other businesses.
TRX will encompass six residential towers (TRX Residences), Malaysia’s first Kimpton Hotel, office and a large-scale retail destination and 10 acres of rooftop park.
The first phase of the project opened in 2019, when one of South-East Asia’s tallest buildings, Exchange 106, and the new HQ for Prudential Malaysia started operating.
The value of the entire TRX development is estimated to exceed RM40 billion.