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Lendlease acquires another plot at Tun Razak Exchange development in KL

/ EdgeProp Singapore |

February 14, 2022 1:08 PM SGT

Lendlease announced has signed a second joint-venture agreement with TRX City to acquire an additional 1.2-acre plot of land within TRX (Artist's impression of The Exchange TRX: Lendlease)

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SINGAPORE (EDGEPROP) - Lendlease and TRX City — the master developer for KL’s Tun Razak Exchange — are expanding their investment in the international financial district.

On Feb 11, Lendlease announced it has signed a second joint-venture agreement with TRX City to acquire an additional 1.2-acre (52,272 sq ft) plot of land within TRX, earmarked for a mixed-use development featuring hotel, residential and retail components.

Lendlease already has a 60:40 partnership with TRX City to develop a 17-acre lifestyle centrepiece within TRX. Dubbed The Exchange TRX, it will encompass six residential towers, Malaysia’s first Kimpton Hotel, offices and a large-scale retail destination crowned by a 10-acre rooftop park.

“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,” says Stuart Mendel, managing director and head of Malaysia for Lendlease.

The 1.2-acre plot is adjacent to the main pedestrian gateway of TRX, the Raintree Plaza, which is linked to the Bukit Bintang shopping belt via a 700m pedestrian walkway.

“We are proud to build on our work as a key development partner for the Malaysian government to realise its vision of a global hub for international business and finance. As we work towards our Mission Zero goals, we are seizing the opportunity to leverage Lendlease’s international expertise in creating spaces that are climate resilient and build a greener future for the people of Kuala Lumpur," says Justin Gabbani, CEO, Asia for Lendlease.

Meanwhile, Azmar Talib, CEO of TRX City, says 2022 will be a significant year for the development, as it opens its doors to the new headquarters of HSBC and Affin Bank at TRX, along with other tenants.

“This agreement with Lendlease lets us start the year on the right foot. Lendlease has the valuable expertise and brand name that can help elevate the broader TRX development to be a vibrant, inclusive world-class destination,” he says.

The first phase of TRX opened in 2019. The value of the entire TRX development is estimated to exceed RM40 billion ($9.5 billion).

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