26 June 2014

1MDB RE to develop TRX Lifestyle Quarter with Lend Lease

  26 June 2014


KUALA LUMPUR: 1MDB Real Estate Sdn Bhd (1MDB RE) has teamed up with Australian property developer Lend Lease to jointly develop the Lifestyle Quarter at Tun Razak Exchange (TRX).

Both parties will develop the Lifestyle Quarter, a retail-led mixed-use development of over 6.87ha, which comprises a hotel, three resi-dential towers and a new retail mall connected to TRX’s central park and the dedicated MRT station.

In a joint statement issued yesterday, 1MDB RE and Lend Lease said the development is expected to attract up to US$1billion (RM3.23 billion) in foreign direct investments.

The TRX Lifestyle Quarter is expected to have a gross development value of over RM8 billion. Lend Lease will be the majority shareholder in the joint venture while 1MDB RE will hold a significant stake.

They have already seen keen interest from new-to-market retail tenants and new-to-market international hotel brands.

1MDB RE group chief executive officer (CEO) Mohd Hazem Abd Rahman said attracting a global brand like Lend Lease is clear evidence of the potential and international appeal of TRX.

“A project of this scale will bring many spillover benefits to the local economy,” said Hazem.

Lend Lease, which has been operating in Malaysia for over 30 years, has led over 100 projects locally, including the Petronas Twin Towers, Pinewood Iskandar Malaysia Studios, Setia City Mall and Platinum Park.

The company’s significant urban regeneration projects abroad include Barangaroo South and Darling Harbour Live in Sydney, Elephant and Castle and the International Quarter in London, and Victoria Harbour in Melbourne.

1MDB RE chief executive officer Datuk Azmar Talib said Lend Lease’s concept of next-generation retail is distinctive, and will be a landmark in Malaysia, integrating the retail and public realms, creating the right lifestyle for our vision of a liveable financial centre.

TRX is due to name its partner for the development of plots dedicated to local developers soon. The bidding, conducted concurrently, has seen keen response from Malaysia’s leading real-estate companies.

TRX will encompass a new international financial and business district underpinned by world-class commercial, residential, retail, leisure and cultural offerings.

The TRX develop-ment is expected to attract up to US$1billion in foreign direct investments

~ By BUSINESS TIMES

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