KUALA LUMPUR (March 22): TRX City Sdn Bhd’s agreements with its joint venture partner Lendlease Corp to develop the Lifestyle Quarter (pictured) at the Tun Razak Exchange (TRX) in Kuala Lumpur, are now unconditional.
Lendlease is a property and infrastructure group which is listed on the Australian Securities Exchange, while TRX City is an indirect wholly-owned subsidiary of the Minister of Finance Inc, Malaysia.
The Lifestyle Quarter is a 17-acre mixed-use development comprising six residential towers (TRX Residences), a luxury hotel, park and new city centre retail mall, The Exchange TRX.
The project will be developed in stages through a joint venture, with Lendlease owning 60% and TRX City owning 40% of the partnership. Lendlease is also the development and construction manager for the Lifestyle Quarter project.
The estimated development end value is expected to be circa RM8 billion.
“We are excited to be progressing ahead in delivering this new financial district that will be significant for the city of Kuala Lumpur and the Malaysian people,” said Datuk Azmar Talib, chief executive officer of TRX City.
Lendlease CEO for Asia Tony Lombardo said the Lifestyle Quarter is one of 12 large-scale urban regeneration projects that Lendlease is currently undertaking in major cities around the world.
“We have over 35 years’ local experience in Malaysia and we look forward to combining this with our global expertise to transform the Lifestyle Quarter into a vibrant metropolis,” he said.
Managing Director for the TRX Lifestyle Quarter, Stuart Mendel, said the Lifestyle Quarter supports TRX’s vision of creating a world class financial district, and believes Lendlease can transform the area into an exciting destination.
“At The Exchange TRX, which is set to be Kuala Lumpur’s premier retail destination, over 25% of the floor area has been pre-leased to three anchor tenants — a new-to-market department store, as well as new concepts in cinema and supermarket.
“At the residential component, the TRX Residences will define modern luxury city living in an exclusive Central Business District address,” he said.
Lendlease has completed over 100 projects in Malaysia across a multitude of sectors, including the Petronas Twin Towers, Setia City Mall and Pinewood Iskandar Malaysia Studios. — theedgemarkets.com