KUALA LUMPUR: WCT Bhd has won a major infrastructure package at the Tun Razak Exchange (TRX), valued at RM754.8 million.
The two-year contract will cover underground road structures, installation of direct buried utilities, at-grade and elevated roadway, associated earthworks and mechanical and electrical works.
This follows an earlier award of earthworks contract package in 2013, TRX said in a statement.
“Separately, WCT Group is also buying a plot of residential land in TRX as part of its strategy to seek opportunities in prime development with strong growth and earnings potential,” it added.
The 0.69ha land has a plot ratio of more than 10 times, and the purchase was based on RM288 per sq ft of approved gross floor area. The total consideration for the land purchase is RM223 million, or about RM3,100 per sq ft.
“The infrastructure contract package makes up a significant part of TRX’s comprehensive infrastructure programme that will turn the financial district into the best connected address in Kuala Lumpur.
“It will provide direct links between TRX and major highways, such as the SMART tunnel and Maju Expressway, as well as the city’s arterial roads Jalan Tun Razak and Jalan Sultan Ismail.”
TRX said WCT won the bid through a tender process which was was overseen by a third-party independent audit company.
Eleven companies were short-listed following the pre-qualification stage.
“WCT is a well-known name when it comes to large-scale construction, infrastructure and engineering work, and given its solid track record, we are happy to continue working with them in the TRX project,” said Datuk Azmar Talib, chief executive officer of 1MDB Real Estate, the master developer for TRX.
The proposed residential development to be undertaken by WCT has an estimated gross development value of RM1.1 billion, the company said. It comprises a tower block of high-end serviced apartments with retail components.
“With its excellent location and planned world-class infrastructure, WCT is confident that the proposed development will be well-received by investors and purchasers,” said WCT Holdings managing director Taing Kim Hwa.
TRX’s master plan also includes site-wide infrastructure with a sizeable public realm and sustainable facilities, such as a wastewater recycling plant that will cut potable water demand by 50 per cent. The financial district is investing close to RM3.8 billion for its infrastructure.
Phase 1, scheduled for completion in 2018, will allow tenants of the financial district to enjoy unrivalled connectivity to Greater Kuala Lumpur and beyond. This includes the TRX mass rapid transit (MRT) interchange station on site, direct links to major roads and highways, as well as connections to the planned Kuala Lumpur-Singapore high-speed rail in Bandar Malaysia via MRT Line 2.
To date, TRX has signed agreements with global property and infrastructure group Lendlease to develop the Lifestyle Quarter; Indonesia’s leading property developer Mulia Group to develop the Signature Tower plot; Affin Bank Bhd for an office tower; Tabung Haji for a residential plot; and, Veolia Water Technologies Southeast Asia for the water treatment and recycling concessionaire.
TRX has also started construction on a commercial office tower for a financial institution anchor tenant.