22 September 2014

1MDB Real Estate invites contractors for Tun Razak Exchange

  22 September 2014

KUALA LUMPUR: 1MDB Real Estate Sdn Bhd (1MDB RE) has invited prospective contractors to take part in its pre-qualification exercise for the Tun Razak Exchange (TRX) which will be developed over 70 acres in the heart of the city.

1MDB RE, which is a subsidiary of 1Malaysia Development Bhd (1MDB), said the scope of works for the TRX involves the proposed construction and completion of the infrastructure and roadway works.

It said on Monday the mandatory requirements for individual applicants were that they had to be locally owned and locally incorporated while they had to have a minimum 10 years experience and establishment.

As for joint-venture applications, the maximum was two companies and they must have experience as a main contractor with direct responsibilities in similar projects with a minimum single contract of RM200mil in the last five years.

It said the JV company foreign equity should not be more than 49% and majority of the board of directors, management and staff are local.

In June this year, 1MDB RE picked Australian headquartered Lend Lease to develop TRX which will have a gross development value of RM8bil.

1MDB RE will develop the Lifestyle Quarter in TRX, a retail-led mixed-use development of over 17 acres. The development will comprise of a hotel, three residential towers and a new retail mall connected to TRX’s central park and the dedicated MRT station.

The development of the Lifestyle Quarter is expected to attract up to US$1bil (RM3.2bil) in foreign direct investments to Malaysia. Lend Lease will be the majority shareholder in the joint venture while 1MDB RE will hold a significant stake.

The TRX Lifestyle Quarter has a forecasted gross development value (GDV) of over RM8bil. Lend Lease and 1MDB RE have seen keen interest from new-to-market retail tenants and new-to-market international hotel brands.



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