PETALING JAYA, 23 March: International property and infrastructure group Lend Lease announced that its joint-venture agreements with the Ministry of Finance’s unit TRX City Sdn Bhd (TRX City) to develop the Lifestyle Quarter at Kuala Lumpur’s Tun Razak Exchange (TRX) are now unconditional.
“We are excited to be progressing in delivering this new financial district that will be significant for the city of Kuala Lumpur and the Malaysian people,” TRX City CEO Datuk Azmar Talib said in a statement issued yesterday.
In 2014, 1MDB Real Estate Sdn Bhd chose Lend Lease as its major joint-venture partner to develop the TRX project worth RM8 billion.
The Lifestyle Quarter is a 17-acre mixed-use development comprising six residential towers (TRX Residences), a luxury hotel, park and new city centre retail mall (The Exchange TRX). Lend Lease is the development and construction manager for the project.
The project will be developed in stages through a joint venture, with Lend Lease owning 60% and TRX City 40% of the partnership.
— THE SUN