Lendlease makes significant progress on key projects in Malaysia

Lendlease makes significant progress on key projects in Malaysia

15th September 2017,Kuala Lumpur – Key Lendlease projects in Malaysia have achieved significant milestones this month. This reinforces the international property group’s confidence in the growing market of Malaysia and commitment to develop large scale sustainable projects locally.

The Tun Razak Exchange (TRX) Lifestyle Quarter has obtained approvals and moved into the construction phase of the development. With its global expertise, Lendlease is working with TRX City Sdn Bhd and our local partners to ensure that the TRX Lifestyle Quarter enhances Kuala Lumpur’s role as a major business and financial hub serving all of Malaysia and South East Asia.

Similarly, Setia City Mall is now entering its next phase of expansion, expected to cover a wider catchment area when completed in 2019.

Works at the Tun Razak Exchange Lifestyle Quarter in full swing

Lendlease has received all approvals to progress the TRX Lifestyle Quarter to the next stage. This includes the Earthworks Plan Approval from the Kuala Lumpur City Hall (DBKL) to proceed with construction at the site in June this year. Over the course of the last two years, over 100 leading architects, engineers and consultants from Malaysia and select international firms have been working closely together on the design for the development. This has resulted in over 5,000 project drawings, all modelled in state-of-the-art BIM (Building Information Modelling) system.

With the approvals, works at the TRX Lifestyle Quarter, a 17-acre mixed use development comprising a new city centre retail mall, six residential towers, a luxury hotel and park are now in full swing. The excavation has been completed, with over 700,000 cubic meters of rock and earth removed. Piling for the retail component is progressing well with almost 500 structural piles completed.

Lendlease’s progress is fully aligned to the government’s vision to develop the largest integrated development in Asia within Kuala Lumpur’s financial centre, the Tun Razak Exchange.

The TRX Lifestyle Quarter project offers a large scale retail destination with over 1.3 million square feet of Nett Lettable Area. On the leasing front of the retail component, The Exchange TRX has to date leased 26% of its retail space to include Seibu, a new-to-market leading Japanese departmental store, an upscale supermarket brand by Dairy Farm Group of Hong Kong as well as a new concept in cinema and entertainment by Golden Screen Cinemas

(GSC). Known for its impeccable display of international products with unparalleled customer service, Seibu will be bringing a well-known Japanese branded touch to The Exchange TRX, offering visitors a new shopping experience. The Exchange TRX will host over 500 shops, restaurants, entertainment and leisure experiences, revolutionising retail destinations in Malaysia, and will be open for customers by 2020.

“The Exchange TRX will provide new retail offerings including exciting food and beverage concepts, an entertainment precinct and a significant leisure focus; a well-connected and active residential development at the heart of the next financial hub; and unrivalled green spaces. This includes a 10-acre rooftop park with interactive public spaces embedded throughout the development that will play a huge role in contributing to one of the city’s most highly anticipated destinations and create a new and exciting place for Kuala Lumpur and Malaysia,” said Stuart Mendel, Managing Director of the TRX Lifestyle Quarter.

TRX Residences will provide residents a modern, luxurious and private sanctuary within the city with close to 900 homes in the first phase, which is forecast to be on sale after Chinese New Year.

The TRX Lifestyle Quarter will be seamlessly connected to the largest underground Mass Rapid Train (MRT) station in Kuala Lumpur, housing MRT lines 1 and 2; immediate access to Maju Expressway (MEX) and the SMART tunnel (Stormwater Management And Road Tunnel), as well as direct access to the major protocol roads of Jalan Tun Razak and Jalan Sultan Ismail.

Construction commences at Setia City Mall Phase 2

Lendlease has now commenced construction on Phase 2 of Setia City Mall, which sits on a 14-acre parcel of land adjacent to the existing Setia City Mall which opened in May 2012. Leveraging on the success of the existing mall, the expanded Setia City Mall will serve the Bandar Setia Alam master planned township, which is forecast to see its population grow to 660,000 by 2024.

Including the tertiary trading area, the expanded Setia City Mall will serve more than 1.2 million visitors in the catchment. With the expected completion of key roads and highways in 2019, connectivity to Bandar Setia Alam will be further enhanced.

The Phase 2 extension will add over 400,000 square feet of retail floor space, bringing the combined lettable floor area of the mall to 1.2 million square feet. There will be approximately 200 shops in Phase 2, anchored by LULU, one of the largest Middle East based retailers operating a department store and supermarket, occupying close to 35% of retail space.

With the extension, Setia City Mall will have a total of over 430 shops and approximately 4,000 car park spaces. The expanded mall will cater to young families with children’s entertainment and a broad offering of food and beverage with a lifestyle concept. The mall is targeted for opening in 2019.

Lendlease

The TRX Lifestyle Quarter and Setia City Mall Phase 2 are two large-scale city defining projects currently being delivered by Lendlease with its partners in Malaysia. Examples of other urbanisation projects being undertaken by Lendlease globally include Elephant & Castle in London, Barangaroo in Australia, Paya Lebar Quarter in Singapore and Riverline in Chicago, US.

“Malaysia remains as a key market for Lendlease in Asia with the potential for continued investment based on demography, stability and the growing economy,” said Managing Director and Head of Country, Dinesh Nambiar.

He added, “Lendlease looks across the globe to identify developments that have scale and national significance to their city markets where we can bring our capital, skills and experience. This fits into our strategy where we see urban migration and changing lifestyles redefining cities and the way we live, work and spend our leisure time. Cities are increasingly about creating places where communities can enjoy the lifestyle they seek and have access to an array of lifestyle choices.”

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