Lendlease and TRX City Sdn Bhd have expanded their investment in Tun Razak Exchange (TRX) in Kuala Lumpur, Malaysia, by acquiring an additional 1.2-acre plot of land within the international financial district for a mixed-use development featuring hotel, residential and retail.
This is the second joint-venture agreement signed by Lendlease and TRX City on the 70-acre project, touted to be Kuala Lumpur’s next CBD. Both parties are also currently developing a 17-acre lifestyle centrepiece of the district, The Exchange TRX. [Scroll down to watch video of the TRX progress.]
The newly acquired 1.2-acre 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-m pedestrian walkway.
“The cornerstone of Lendlease’s global strategy is 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,” said Stuart Mendel, managing director and head of Malaysia at Lendlease.
“We see strong potential in Malaysia and are excited to support Kuala Lumpur in achieving new levels of sustainability and liveability. Our continued collaboration with TRXC [TRX City] represents a strategic partnership with an organisation that shares our vision and purpose of creating value through places where communities thrive.”
The Exchange TRX, which is still under construction, is Lendlease‘s largest integrated development in Asia so far. It will encompass six residential towers (known as TRX Residences), Malaysia’s first Kimpton Hotel, office and a large-scale retail destination crowned by a one-of-a-kind, 10-acre rooftop park.
“We are very pleased with the progress of The Exchange TRX to date, and this contributed to our decision to acquire an additional plot within the master development,” explained Mr Mendel. As a future-ready development with high commercial potential, Tun Razak Exchange’s prime location and international standards of development positions it as a globally recognised landmark for Kuala Lumpur.”
TRX is a significant public-private project of national importance, bringing together the best practices aligned to economic, social and governance (ESG) principles. This new landmark has attracted leading global and domestic investors on the back of its strong sustainability framework that includes district-wide green infrastructure, such as an onsite wastewater treatment and recycling plant and an expansive, lush public realm that makes up almost a quarter of the development.
The district, located at the heart of the capital, has joined forces with Kuala Lumpur City Hall to enhance the facilities surrounding the area, carrying out major road upgrades for Jalan Tun Razak and streetscape improvements in its neighbourhood, helping to build community and improve lives beyond its border.
As Malaysia’s first international financial district and Kuala Lumpur’s future CBD, TRX will strengthen Kuala Lumpur’s position as an international finance centre by creating a seamless and central business environment for financial services firms, multinational companies (MNCs) and other businesses. The first phase of the project opened in 2019, when one of Southeast Asia’s tallest buildings – Exchange 106 – and the new HQ for Prudential Malaysia started operating.
Dato’ Azmar Talib, CEO of TRX City Sdn Bhd, the master developer for the project, said, “This year is going to be significant for TRX, as we start opening our doors to HSBC and Affin Bank in their new HQs, 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.”
Justin Gabbani, CEO for Asia at Lendlease, added, “We are proud to build on our work as a key development partner for the Malaysian government to realise its vision of a global hub for international business and finance. As we work towards our mission zero goals, we are seizing the opportunity to leverage Lendlease’s international expertise in creating spaces that are climate resilient and build a greener future for the people of Kuala Lumpur.”
The value of the entire TRX development is estimated to exceed RM40 billion.