KUALA LUMPUR: Australian property and infrastructure group Lendlease has announced that its agreements with joint venture partner TRX City Sdn Bhd are now unconditional and the company is progressing with the development of the Lifestyle Quarter at Tun Razak Exchange (TRX) in Kuala Lumpur.
In an emailed statement today, the company said hat 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 per cent and TRX City owning 40 per cent of the partnership. The estimated development end value is expected to be RM8 billion. Additionally, Lendlease is the Development and Construction Manager for the Lifestyle Quarter project," the statement 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,” said Lendlease CEO Asia Tony Lombardo.
“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 TRX City CEO Datuk Azmar Talib.
TRX City is an indirect wholly owned subsidiary of the Minister of Finance Inc. Malaysia.