1MDB, Lend Lease to undertake RM8b project in Malaysia's Tun Razak Exchange
1MDB Real Estate, Lend Lease seal partnership to develope TRX Lifestyle Quarter. The joint venture as well as sale and purchase agreements signed between 1MDB real estate chief executive officer (CEO), Datuk Azmar Talib And Lend Lease chief executive officers Steve McCann was witnessed by Prime Minister Datuk Seri Mohd Najib Razak. Bernama Photo
KUALA LUMPUR: 1MDB Real Estate and Australian headquartered Lend Lease, have sealed their partnership to develop the Tun Razak Exchange's (TRX) lifestyle quarter, which will have a forecast gross development value (GDV) of RM8 billion upon completion.
1MDB Real Estate, the master developer for the TRX, will own 40 per cent of the partnership and Lend Lease, the rest.
"With this Lifestyle Quarter partnership sealed, 1MDB Real Estate will focus on delivering major infrastructure upgrades for the TRX and the Imbi area.
"This is with a view of accelerating the development of the TRX to meet strong and tangible demand," chief executive officer (CEO), Datuk Azmar Talib said.
The joint venture as well as sale and purchase agreements signed here today was witnessed by Prime Minister Datuk Seri Mohd Najib Razak. Both parties had signed a master framework agreement last October.
Azmar said the TRX had successfully played a catalytic role in attracting significant foreign direct investment (FDI) commitment to Malaysia’s premier financial district.
"We are proud to announce this inaugural investment in TRX with Lend Lease, a strong and reputable international partner. We will announce more commitments from top tier local and international investors in the coming months," he added, after the signing ceremony.
Supporting The TRX vision of becoming a global hub for international finance and business, the lifestyle quarter will be a retail-led mixed-use development of over 17 acres.
It comprises a new retail mall, several residential towers and a hotel connected to a multi-layer central park and the largest Mass Rapid Transit (MRT) station in Kuala Lumpur.
"We are confident of making the TRX lifestyle quarter an outstanding success with our partner," CEO for Lend Lease in Asia, Rod Leaver said.
Lend Lease is an international property group offering fully integrated services including investment management, development, construction, project management and asset and property management.
Significant urban regeneration projects by Lend Lease include Barangaroo South and Darling Harbour Live in Sydney, Australia, and The International Quarter and Elephant & Castle in London, UK.
Lend Lease has also worked on notable projects in Malaysia, including the iconic Petronas Twin Towers, Setia City Mall and most recently, Pinewood Iskandar Malaysia Studios.
It was selected from a pool of international and local bidders to partner 1MDB Real Estate in the Lifestyle Quarter development in June 2014, following an invitation to participate as a strategic development partner in TRX.
TRX will be one of the largest developments in Lend Lease’s current portfolio of global projects.
The lifestyle quarter will form the social heart of the TRX precinct.
It aims to offer a series of modern lifestyle experiences and set new benchmarks not only in terms of design, but for the types of retailers, dining establishments, outdoor spaces, leisure activities and entertainment options it provides. -- BERNAMA
source by:http://www.nst.com.my/node/77236