KUALA LUMPUR, 19 December 2013: The Tun Razak Exchange (TRX), Kuala Lumpur’s highly anticipated upcoming financial district, is now calling for international and domestic investors to be part of its strategic development.
Following strong expressions of interest from a host of local and global players, master developer 1MDB Real Estate Sdn Bhd (1MDB RE) today formally invites qualified investors to submit proposals for Stage 1 of TRX.
For Stage 1, components include four office towers including a signature tower, up to five residential towers, up to two five-star hotels and a retail mall.
1MDB RE looks forward to both JV partnership opportunities and outright plot sales.
For the majority of the TRX development, 1MDB RE plans to continue holding equity interests through joint ventures. The land sales, meanwhile, will be considered on a case-by-case basis and will be subject to the master plan.
“We are delighted by the level of interest we’ve seen in TRX. We look forward to working with world-class investors and institutions as we take this next important step towards realising the TRX vision,” said Dato’ Haji Azmar Talib, CEO of 1MDB RE.
Spread over 70 acres of prime freehold land minutes from the Petronas Twin Towers, TRX is a key step towards the goals of the Government’s Economic Transformation Programme to turn Malaysia into a high income economy by 2020.
This mixed-use development in the heart of Kuala Lumpur will encompass a new international financial district underpinned by world-class residential, retail, leisure and cultural offerings. It will also have a dedicated MRT station, planned to be the largest in Malaysia.
The upcoming financial and economic district has a development period of 15 to 20 years, and will be built in demand-driven phases. The initial phase of construction is slated for completion in 2017.
TRX aims to bring together leading financial institutions and top global companies in one place, spurring growth in new areas for Malaysia to better compete on the global stage.
It will also leverage on Malaysia’s leading position in Islamic finance and play on its strategic location to complement other financial centres within the region.
The elected real estate advisors are CBRE and CH Williams Talhar & Wong for JV opportunities and outright plot sales respectively.