Kuala Lumpur 12 february 2019: Lendlease and TRX City Sdn.Bhd today officially launched its joint venture development , The Exchange TRX ,highlighting the project's investment and construction progress .
Formerly know as the Lifestyle Quarter ,The Exchange TRX is the centerpiece of the upcoming 70-acre international financial district Tuan Razak Exchange (TRX).
The 17-acre joint venture development will comprise a hotel ,a grade A office , residential apartments ,retail and offerings, all integrated with a new 10-acre city park .it brings to life the 'experience economy 'where quality of place and focus on people is at the forefront of design .
The event ,officiated by The Honorable YB Lim Guan Eng, the Finance Minister of Malaysia ,also Marked the signing of RM 2.15 billion financing facilities by four major banks , Hongkong and Shanghai Banking Corporation (HSBC), Standard Chartered Bank (SCB), Sumitomo Mitsui Banking Corporation (SMBC) and Malayan Banking Berhad (MBB of Maybank ).
The investment by Lendlease and the commitment of the major global banks demonstrates the international business and financial community's confidence in the development .
Present at the event was Lendlease Group's Chief Exective Officer and Managing Director ,Mr Steve McCann where he witnessed the signing of the debt financing agreement along with Malaysia 's Finance Minister .
Speaking at the ceremony ,Tony Lombardo ,Lendlease's CEO Asia expressed Lendlease 's commitment to the project and to the joint venture with TRX City ,which is wholly owned by the Ministry of Finance (MoF). He said .'This a unique opportunity that reflects the very best of modern city design .combining living ,working and leisure uses ,with excellent public transport and technology .it will create a new destination for the city and be a showcase for Malaysia/.
we are confident in the future of Malaysia and congratulate the Government on their vision and drive to relise this landmark project this is a global priority project for Lendlease and by working with TRX City ,we bring together the best of both local and international expertise to realise thais world -class destination for Kuala Lumpur ,said Mr.Lombardo.
The Finance Minister YB Lim Guan Eng in his speech at the launch .noted the financing agreement was based purely on the strength of the project alone.without any new guarantees from the Government .
I am pleased with the progress at TRX that i see today .it is the fruits of reforms currently being carried out by the Government of the day.i hope this launch today marks one of the many steps Malaysia is taking to put IMDB behind us,allowing us to focus on what matters , to continue to raise the well-being of Malaysians,'' said the Finance Minister.
Lendiease's decision to proceed with the project shows its confidence in the government's commitment to the Competent ,Accountability and Transparency (CAT) Principles .towards building a corruption -free Malaysia .it is also a vote of confidence for the government 's efforts towards restoring Malaysia's fiscal position, he said.
Dato'Azmar Talib ,Chief Executive Officer of TRX City Sdn.Bhd. the master developer for the project ,stated that . 2019 is indeed going to be a big year for TRX . as we start opening our doors to our first tenant in the second quarter of this year ,
The Exchange TRX has all the components to help elevate the broader TRX development into a world -class international financial district ,ensuring that it will be a vibrant ,inclusive .and city defining destination, he said .
The broader TRX is a significant public -private project of national importance ,bringing together best practices in economic ,social and environmental development. as Malaysia's first international financial district and Kuala Lumpur 's future CBD ,TRX will strengthen Kuala Lumpur's position as a leading centre for international finance and business by creating a seamless and central business environment for financial services firms , multinational companies (MNCs) and other businesses.
The completion value of the entire TRX development is estimated to exceed RM40 billion.
its lifestyle precinct ,The Exchange TRX has a forecast end value in exceed of RM9.0 billion (A$3.1 billion), and brings to life the 'experience economy ', where quality of place and focus on people is at the forefront of design.
Mr Lombardo added that the project is making excellent progress ,with all the key design complete and over 1,300 construction workers on -sitedaily including new apprentices and associated work training programs ,we are collaborating closely with Construction Industry Development Board(CIDB) and our subcontractor industry here in Kuala Lumpur.
TRX
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