RM3BIL HAS BEEN SPENT ON THE INFRASTRUCTURE OF TUN RAZAK EXCHANGE
TRX City Sdn Bhd, the master developer of the Tun Razak Exchange (TRX), the new international financial district in Kuala Lumpur has spent roughly RM3 billion on the infrastructure, according to a statement.
This includes the construction of new roads, upgrades to existing roads, and pedestrian links leading into and out of the development.
The infrastructure for this 70-acre master-planned development, which will include 30 buildings with a combined gross floor area of 24 million square feet (sq ft), is currently 99 per cent complete.
The entire TRX development is anticipated to have a gross development value of more than RM40 billion.
Sydney-based property developer Lendlease Group is creating The Exchange TRX, a mixed-use development that is a part of TRX, in a 60:40 joint venture (JV) with TRX City.
The 17-acre complex will include a hotel, an office building, a two million square foot shopping mall (The Exchange TRX), and six residential towers with a combined 3,800 residential units (known as TRX Residences).
Lendlease recently entered into a partnership with Mulia Group on the retail podium at The Exchange 106 (owned by Mulia Property Development Sdn Bhd), the iconic tower that sits within TRX.
The partnership was undertaken via a joint venture between Lendlease and TRX City, and Mulia Property.
One of the highest structures in Asia, The Exchange 106 has 106 floors, 90 per cent of which are dedicated to offices. Phase 1 of The Exchange TRX is made up of the retail podium, which comprises two levels and roughly 70 retail shops.
Since it opened its doors in December 2019, The Exchange 106 has been the proud corporate address for more than 20 global companies, who collectively occupy more than 700,000 sq ft of office space.
According to Mitchell Wilson, The Exchange TRX's project director and head of retail for Lendlease Malaysia, the TRX has solidified its status as the city's most sought-after destination.
"With 99 per cent of the infrastructure completed, the opening of The Exchange 106, and Menara Prudential in 2019, as well as the opening of HSBC's new headquarters Menara IQ, and Affin Bank's new corporate headquarters this year, Phase 1 of The Exchange TRX will support this large office population."
"We are privileged to partner with the Mulia Group for The Exchange 106 as this allows us to provide a seamless retail offering for the TRX Masterplan. Phase 1 will be focused on food and beverage (F&B), and service-related offerings, and combined with The Exchange TRX, will create over 1.5 million sq ft of retail space within the TRX master plan," he said in the statement.
The partnership between Mulia and Lendlease, as well as TRX City, according to Mulia Property Development Chief Executive Officer Datuk Lai Weng Hoo, will open the door for partnerships and cooperation in a professional setting.
The application of "work, live, play" has a new meaning, according to Lai, thanks to the combination of The Exchange 106's retail podium and F&B components with The Exchange TRX's commercial and lifestyle components and the TRX master plan.
"Serving the working population of The Exchange 106 as well as its neighbours with conveniences and amenities at its doorstep is part of our commitment to our tenants and the community at large," he said.