27 June 2014

Lend Lease is 1MDB’s TRX partner

  27 June 2014

PETALING JAYA: 1MDB Real Estate Sdn Bhd (1MDB RE) has appointed Lend Lease as its major partner to commence work on its RM8bil TRX Lifestyle Quarter project at the Tun Razak Enchange (TRX) in Kuala Lumpur.

The lifestyle project will comprise a hotel, three residential towers, a new retail mall that connects to TRX’s multi-layer central park and a dedicated MRT station.

“We expect it to attract some US$1bil (RM3.2bil) in foreign direct investments,” 1MDB group chief executive officer Mohd Hazem Abd Rahman said in a press statement.

The TRX is a 70-acre mixed-use development in Kuala Lumpur comprising a new financial and business district with commercial, residential, leisure and cultural components.

Construction of the first phase of TRX, which includes the retail mall and about four office towers, five residential towers as well as two five-star hotels, will commence early next year and is slated for completion by 2017.

The rest of the parcels will be developed in phases over the next 15 years.

While the percentages of shareholding between 1MDB RE and Lend Lease have not been made known, Hazem said that integrated property services provider Lend Lease was the majority shareholder.

“Lend Lease was chosen from a pool of international and local bidders for the Lifestyle Quarter, following invitation in December 2013 to participate as a strategic development partner in TRX.

“A project of this scale will bring many spill-over benefits to the local economy,” Hazem said. “Lend Lease’s concept of next generation retail is distinctive, and will be a landmark in Malaysia.”

Hazem said potential tenants for the commercial office towers expressed strong interest during the selection process.

“On the back of this encouraging market demand, 1MDB RE will concurrently be developing TRX’s first office tower and is expecting to announce several anchors in the near future.”

He added that the partners for the development of plots dedicated to local developers would be announced soon.

Operating in Malaysia for over 30 years, Lend Lease had been involved in projects such as the Petronas Twin Towers, Pinewood Iskandar Malaysia Studios, Setia City Mall and Platinum Park, as well as international urban regeneration projects such as Barangaroo South and Darling Harbour Live, both in Sydney, and Elephant and Castle as well as the International Quarter in London.



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