KUALA LUMPUR, Feb 10 -- Lendlease and TRX City Sdn Bhd are expanding their joint venture investment in Tun Razak Exchange (TRX) by acquiring an additional 0.49 hectare plot of land within the international financial district for a mixed-use development, featuring a hotel as well as residential and retail units.
In a joint statement, the companies said the new plot is located adjacent to the main pedestrian gateway of TRX, the Raintree Plaza, which is linked to the Bukit Bintang shopping belt via a 700-metre pedestrian walkway.
The two parties have signed a second joint-venture agreement, demonstrating Lendlease’s confidence in the 28.33-hectare project that is touted as Kuala Lumpur’s next central business district (CBD).
The 60:40 partnership between Australia-based Lendlease and TRX’s master developer TRXC is currently already developing the 6.88-hectare lifestyle centrepiece of the district, The Exchange TRX.
Lendlease managing director and head of Malaysia Stuart Mendel said the investment underscores their commitment and passion to create the best places in Kuala Lumpur.
“Our continued collaboration with TRXC represents a strategic partnership with an organisation that shares our vision and purpose of creating value through places where communities thrive.
“We are very pleased with the progress of The Exchange TRX to date, and this contributed to our decision to acquire an additional plot within the master development," he said.
The Exchange TRX will encompass six residential towers (known as TRX Residences), Malaysia’s first Kimpton Hotel, offices, and a large-scale retail destination crowned by a one-of-a-kind, 4.05-hectare rooftop park.
The Exchange TRX is Lendlease’s largest integrated development in Asia, “a city-defining project that will help achieve TRX’s vision to be a world class international, lifestyle, business and financial hub,” the statement said.
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