The new Lendlease CEO for Asia, Tony Lombardo recently spoke to The Edge Singapore about TRX’s Lifestyle Quarter, and its vibrant upcoming lifestyle mall – The Exchange.
Positioned in KL’s business hub, and supported by seamless connectivity and infrastructure, Lombardo said he is aiming for The Exchange to be “the No 1 shopping centre” in KL, rivalling Suria KLCC and Pavillion Bukit Bintang.
The location of The Exchange is ideal as there will be a tunnel from the highway leading directly to the mall, bypassing Jalan Tun Razak, which tends to get congested. A new MRT station will be integrated with The Exchange and is expected to be operational within the next 12 months.
As a testament to its location, The Exchange at the Lifestyle Quarter was 26% pre-leased in terms of floor area even before construction had begun, Lombardo says.
The underground MRT station, which is an interchange between the Sungai Buloh-Kajang (SBK) and Sungai Buloh-Serdang-Putrajaya (SSP) lines, will lead directly to The Exchange. Visitors will be able to walk out of the train and into the 2.2 million sq ft shopping mall through the central urban park, which will be the connector to TRX’s other Quarters.
“When we secured the site two years ago, there were nine other bidders. We think it’s one of the best regenerations projects in our portfolio,” says Lombardo.
He also said that the weaker Ringgit could be good for the project, as it could translate to a lower construction cost for the group.
“Property markets go up and down, and currency fluctuations are just part of the property cycle” “That’s why we have adopted a long-term investment horizon of 15 – 20 years. At some point of the cycle, the market may be softer, but it always picks up over the long term,” said Lombardo.
The Lifestyle Quarter, with an estimated GDV of RM8 billion, has begun early construction with works for The Exchange, which is planned to have over 500 shops, including new retailer, dining establishments and entertainment centres.
The 17-acre mixed-development is expected to contain The Exchange, a luxury hotel and a cluster of six residential towers named TRX Residences with 1,800 housing units – all built around the multi-layered central urban park.
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