Converging at TRX: TRX City Partners with MRT Corp & SMART
KUALA LUMPUR, 13 September 2017 – TRX City Sdn Bhd, master developer of Kuala Lumpur’s upcoming financial district Tun Razak Exchange (TRX), has entered into strategic partnerships with major transport infrastructure players Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) and Stormwater Management and Road Tunnel Sdn Bhd (SMART).
TRX’s agreement with MRT Corp seals their co-existence arrangement, which has provided MRT Corp, as the developer and asset owner of the Klang Valley MRT system, the right to develop an underground station and railway tunnel on land in TRX. At the same time, TRX City retains the right for future development of the above ground section.
Dato’ Azmar Talib, CEO of TRX City Sdn Bhd said, “We are always looking for innovative ways to enhance TRX’s proposition as KL’s best connected address. As both MRT and TRX are projects of significant national interest, we believe that the parties could benefit from this deal beyond just a land sale transaction.”
“Our mutual agreement means MRT is able to bring the lines into TRX without having to purchase the plot, while allowing us to keep the development rights of the highly strategic location, capitalizing on the expected future upside,” he added.
Tun Razak Exchange MRT station, already operational since July, is seamlessly integrated with the financial district from its location fronting Jalan Tun Razak, next to TRX’s financial quarter.
The station, the only interchange between Sungai Buloh-Kajang (SBK) and the upcoming Sungai Buloh-Serdang-Putrajaya (SSP) lines in the city, is crucial in making the financial district one of KL’s largest transit-oriented developments (TOD).
MRT Corp Chief Executive Officer Dato’ Sri Shahril Mokhtar said this partnership will enable TRX to be served by Malaysia’s most modern mass transit system.
“TRX will stand to benefit from not one but two MRT lines. The excellent connectivity and accessibility this development will gain by being linked directly to the urban rail network will certainly boost its intended role as a world-class financial district,” he said.
TRX also signed an agreement with SMART that involves swapping of land and the relocation of SMART’s maintenance depot to a new location within TRX.
Dato’ Azmar said, “The partnership with SMART paved the way for more win-win collaboration with other government-owned infrastructure players in the future.”
"We are happy to partner with TRX City to further enhance the traffic infrastructure in Greater KL. SMART will work very closely with TRX for a smooth relocation. We would also like to assure our users that the traffic operations, the tunnel's integrity, and security will continue to be of our paramount importance" said Puan Sharifah Alauyah Wan Othman, Chief Operating Officer of SMART.
TRX will have a direct access to the SMART, providing it with unrivalled road connectivity to Greater KL’s southern corridor that includes areas such as Cheras, Seri Kembangan and Sungai Besi.
Apart from direct links to major thoroughfares such as Jalan Sultan Ismail and MEX highway, TRX is also improving connectivity beyond its boundaries. It is currently working with DBKL on the Jalan Tun Razak traffic dispersal project and on building pedestrian-friendly walkways that will connect to the Bukit Bintang shopping belt to TRX.
The 70-acre development will strengthen Kuala Lumpur’s position as a leading centre for international finance and business by creating a seamless and central business environment for financial services firms, MNCs and supporting firms. It has to date signed HSBC, Prudential and Affin Bank.
Other TRX investors include global property and infrastructure group Lendlease to jointly develop the Lifestyle Quarter; Indonesia’s leading developer Mulia International for its signature tower plot; Lembaga Tabung Haji and WCT Bhd for residential plots, and Veolia Water Technologies as the water treatment and recycling concessionaire.
The world-class financial district will provide best-in-class infrastructure, including international standard safety and security management, an on-site wastewater recycling plant that will halve demand for potable water and highly resilient national grid level electricity network that will service the city beyond TRX’s border. TRX currently holds provisional neighbourhood LEED ND Gold and GBI Township Platinum green certifications, the first district in Malaysia to qualify.