KUALA LUMPUR: Lendlease is acquiring an additional 0.5ha plot of land within the Tun Razak Exchange (TRX) here to expand its investment in the international financial district for a mixed-use development featuring hotel, residential and retail.
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 700-meter pedestrian walkway.
The real estate group saids it had recently signed its second joint-venture (JV) agreement with TRX City Sdn Bhd, the master developer of TRX.
This demonstrated Lendlease's confidence in the 28.3ha project touted to be Kuala Lumpur's next central business district, it said in a statement today.
Lendlease and TRX City are developing the 6.9ha lifestyle centrepiece of the TRX, via a 60:40 partnership in favour of the former.
Lendlease head of Malaysia and managing director Stuart Mendel said the cornerstone of its global strategy was to create the best urban precincts in key global gateway cities.
"This investment underscores our commitment and passion to create the best places in Kuala Lumpur. We see strong potential in Malaysia and are excited to support Kuala Lumpur in achieving new levels of sustainability and livability.
"Our continued collaboration with TRX City represents a strategic partnership with an organisation that shares our vision and purpose of creating value through places where communities thrive," he said in the statement.
He added that TRX's prime location and international standards of development positioned it as a globally recognised landmark here.
TRX City chief executive officer Datuk Azmar Talib said 2022 would be significant year for TRX as the master developer began to open its doors to HSBC and Affin Bank in their new headquarters, in addition to other new tenants.
"We are excited to see the TRX community growing, as we move closer to realising our vision to make TRX, Malaysia's own international financial centre and the city's new lifestyle hub," he said.
Azmar said the agreement with Lendlease began on the right foot as lendlease has the valuable expertise and brand name that can help elevate the broader TRX development to be a vibrant, inclusive world-class destination.
The first phase of the TRX project opened in 2019, when one of Southeast Asia's tallest buildings Exchange 106 and the new headquarter for Prudential Malaysia started operating.
The value of the entire TRX development is estimated to exceed RM40 billion.