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Tun Razak Exchange infrastructure 99pct completed, says CEO
The main infrastructure of the Tun Razak Exchange (TRX) is now 99 percent completed, with the remaining one percent comprising major infrastructure works which are nearing completion, the master developer of the financial district TRX City Sdn Bhd said.
“Although we were constrained by the movement control order resulting from the Covid-19 pandemic, we managed to...
The main infrastructure of the Tun Razak Exchange (TRX) financial district in Kuala Lumpur is now 99 percent completed, with the remaining one percent nearing completion, said master developer TRX City Sdn Bhd.
“Although we were constrained by the movement control order resulting from the Covid-19 pandemic, we managed to continue developing TRX and the successfully completed buildings are Menara Prudential and HSBC Bank,” said TRX City CEO Azmar Talib.
He was speaking to the media at a Hari Raya open house at Raintree Plaza in TRX yesterday.
“As for the Affin Bank building, we have obtained a Certificate of Completion and Compliance (CCC) and it will be ready for occupation in the third quarter of this year," he added.
Azmar said although TRX City is the master developer, the development of the individual plots depends on the respective landowners.
On TRX’s retail updates, Azmar said its main commercial area will be the Lifestyle Quarter, developed by a 60:40 joint venture (JV) company between Australia’s property and infrastructure group Lendlease and TRX City and this JV will manage it.
He said an announcement regarding the Lifestyle Quarter will be forthcoming.
“We are seeing a lot of progress, but of course, the MCO affected some of our physical progress.
“We are trying to get back the momentum, especially momentum to get retailers and (those who are) new to the market to come to TRX,” he said.
Rising interest rates
On global inflationary pressures and rising interest rates, Azmar said the company does not rule out their impact on TRX, but the fact remains that it has completed most of the development work.
“We will be completing the work, but moving forward we have to be aware (of inflationary pressures and rising rates) and we have to adjust with this.
“I and all the other parties are very concerned about this (and) we try to mitigate whatever risk there is,” he said.
The 70-acre TRX is expected to be completed in phases. Menara Prudential was the first office building to be occupied in 2019.
Indonesia’s Mulia group, the developer of office skyscraper Exchange 106, is seeking tenants. HSBC and Affin Bank’s headquarters will be operating from the district this year.
- Bernama
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