FIRST PHASE OF TRX TO BE COMPLETED IN Q1 2019
KUALA LUMPUR, 28 June 2018: TRX City Sdn Bhd (“TRXC”) looks forward to welcoming businesses in Q1 2019, when the first phase of the Tun Razak Exchange financial district opens its doors.
TRXC Chief Executive Officer Dato’ Azmar Talib said the government’s recent announcement of support for the completion of TRX has boosted investors’ confidence and bolstered the company’s capacity to deliver all aspects of the development.
“Phase 1 of TRX comprises The Exchange 106 and Menara Prudential, both of which are slated for occupancy early next year. To date, 80 per cent of the Phase 1 infrastructure is completed. We expect full completion in time for the opening of the two buildings,” he said.
Phase 2 of TRX infrastructure, which consists public plaza, streetscapes and the 10-acre Central Park, will be completed in 2020, in line with the opening of the Exchange Mall and the new HQs for HSBC Malaysia and Affin Bank.
Dato’ Azmar said TRXC will embark on a value engineering exercise to optimise operations.
“We are currently working with our technical experts and consultants to enhance the project’s cost structure. Rest assured, our exercise will be done without compromising the intended scale, functionality and quality to create a new Central Business District (CBD) for Kuala Lumpur.”
Last week, the Ministry of Finance announced the injection of RM2.8 billion to TRXC to enable it to complete the TRX project. Since 2012, the Federal Government has guaranteed borrowings, extended advances and provided transfers to as well as purchased land from TRXC amounting to RM3.6 billion. The RM2.8 billion injection would make up total funding by the government to be RM6.5 billion. Completing TRX will allow the full value of the project of at least RM7.6 billion to be realised.
As Kuala Lumpur’s future CBD, TRX 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, multinational companies (MNCs) and other businesses.
In line with the aspiration to become a sustainable development, TRX has been awarded with Malaysia’s first ever provisional neighbourhood-level GBI Township Platinum certification. The financial district’s masterplan combines sustainability, attractive public domains and great connectivity to create a world-class international urban ecosystem at the heart of Kuala Lumpur.
To date, TRX has signed global property and infrastructure group Lendlease to jointly develop the Lifestyle Quarter; Indonesia’s leading property developer Mulia International to develop the Exchange 106; HSBC Malaysia and Affin Bank Berhad for their new HQs; IJM Bhd to build Prudential Malaysia’s new HQ; and Lembaga Tabung Haji and WCT Bhd for residential plots. Meanwhile, Veolia Water Technologies will be managing the district’s waste water treatment and recycling plant.
TRX CITY SDN BHD
28 June 2018