KUALA LUMPUR: Tun Razak Exchange (TRX) is expected to open for business in the first quarter 2019 after the completion of its first phase of construction.
TRX City Sdn Bhd chief executive officer Datuk Azmar Talib said the mega project with a total development cost of RM35 billion, is expected to provide the infrastructure and facilities of Central Business District (CBD).
"The government's recent announcement in support of the completion of TRX has boosted investor confidence and bolstered the company's capacity to deliver all aspects of the development.
"Phase 1 of TRX comprises of The Exchange 106 and Menara Prudential, both of which are slated for occupancy early next year. To date, 80 per cent of the Phase 1 infrastructure is completed. We expect full completion in time for the opening of the two buildings.
"Phase 2 of the TRX infrastructure which consists of the public plaza, streetscapes and the 10-acre Central Park will be completed in 2020 in tandem of the Exchange Mall and new headquarters for HSBC Malaysia and Affin Bank," he told the media during a site tour today.
The government recently announced a RM2.8 billion in capital injection for TRXC to complete the project, the only project carried through from the previous administration.
Azmar, when asked on whether the capital injection will be sufficient to enable the company to complete the project on time and within budget, replied with a resolute yes.
"We will be able to finish it on time and within budget," he said.
The project was under further scrutiny when TRXC lodged a police report on Tuesday on the transfer of the company’s funds to 1Malaysia Development Bhd (1MDB), claiming that around RM3 billion had been diverted from their intended use.
TRXC said the transfer of funds, totaling RM3 billion, was made from the company to 1MDB between mid-2012 and early 2017.