TRX CITY AND PARTNERS SIGN COMMON ESTATE AGREEMENT
TRX City Sdn Bhd (TRXC) and its partners and investors today marked the signing of the Common Estate Agreement (CEA) governing the Tun Razak Exchange (TRX) financial district.
The CEA involves TRXC, as the master developer of TRX, and all plot owners in the 70-acre development, in ensuring the long-term asset maintenance, management and services provided for TRX’s infrastructure, public realms, and other common facilities.
The CEA marks a new era of common ownership and public-private partnership, a milestone that formalise the collaboration between the master developer, DBKL and plot owners, said Federal Territories’ Minister, YB Tuan Haji Khalid Abdul Samad, who was the Guest of Honour at the ceremony.
“Federal Territories Ministry and DBKL are committed towards making KL a better city for all, but we need developers and building owners to play their role as well. This is a good first step towards reaching that consensus
We hope that the arrangement such as TRX’s Common Estate Agreement will form a template that can be followed by others – of developers working together with authorities and investors to ensure value will be sustained over a long period of time – delivering good ROI for the country.”
The CEA allows plot owners to play a part in ensuring the ongoing robustness of the district’s international character, at the same time elevating Kuala Lumpur towards becoming a world-class city in line with DBKL’s vision.
CEO of TRX City Sdn Bhd Dato’ Azmar Talib says: “Plot owners will have a say in determining the type, level, quality and cost of service that can make TRX an international investment destination, a future-focused live-work-play address.”
Some of these one-of-a-kind common infrastructure will be transferred to DBKL upon completion. As such, DBKL will own world-class assets -- for example the 10-acre City Park – while TRX undertakes the management, operation and maintenance of the common infrastructure by providing the district management services to the level befitting an international financial district. This is a fantastic example of how public-private partnership can work in charting TRX’s future as KL’s new CBD.”
The signatories of the CEA include Lendlease, Mulia Property Development, HSBC, CORE Precious Development Sdn Bhd (a joint venture between CCC Group Overseas Real Estate Pte Ltd and WCT Holdings Bhd), Affin Bank Bhd, IJM Corp Bhd and Urusharta Jemaah Sdn Bhd.
The agreement will help uphold the highest quality throughout TRX, and will cover areas such as long-term asset management and maintenance, facilities services, leisure provisions, sustainability and environmental requirements, safety and emergency measures, traffic and parking management, and branding and marketing standards.
With Menara Prudential and Exchange 106 already at the final stages of completion, TRXC is expecting the first tenants of the financial district to move in by mid-2019.
The new headquarters for HSBC Malaysia and Affin Bank are currently under construction and is expected to be ready in 2020. The Exchange TRX, a lifestyle development jointly developed by Lendlease and TRXC, is expected to be ready in 2021.
As Kuala Lumpur’s new central business district (CBD), TRX will strengthen the city’s position as a leading centre for international finance and business.
The financial district’s masterplan combines sustainability, attractive public realms and great connectivity to create a world-class international urban ecosystem at the heart of Kuala Lumpur. TRX has been awarded with Malaysia’s first ever provisional neighbourhood-level GBI Township Platinum certification.
TRX features an integrated MRT interchange station that hosts Sungai Buloh-Kajang line and the Sungai Buloh-Serdang-Putrajaya line. This is further supported by direct links to major thoroughfares such as Jalan Tun Razak, the MEX highway, SMART Tunnel and upcoming DUKE 3 (Setiawangsa-Pantai Expressway).
Pedestrian connectivity to the district via the North West Plaza, along with the public and private transport linkages, ensures TRX’s role as the future CBD of Kuala Lumpur, and its most accessible district.