Tun Razak Exchange

The Tun Razak Exchange, TRX (previously known as Kuala Lumpur International Financial District or KLIFD) is a 70-acre development by 1Malaysia Development Berhad (1MDB) in the heart of Kuala Lumpur for international finance and business. TRX is a strategic enabler of the Malaysian government's Economic Transformation Programme (ETP).

Tun Razak Exchange
Neighborhood of Kuala Lumpur
Construction site of TRX in May 2019
Location of TRX in Kuala Lumpur
Coordinates: 3.142°N 101.718°E / 3.142; 101.718
Country Malaysia
CityKuala Lumpur
Time zoneUTC+8 (Malaysia Standard Time)
Tun Razak Exchange logo.

The master plan includes a total of 26 buildings and over 21 million ft2 of entire building Gross Floor Area (GFA) spread across the office, residential, hotel, retail, F&B and cultural offerings.

TRX has a development period of 15 years to be completed in phases with the initial Phase 1 slated for completion in 2017/2018.[1]

Tun Razak Exchange's landmark building is The Exchange 106, currently the third tallest skyscraper in Malaysia.

Developer

The Master Developer of TRX is TRX City Sdn Bhd, a company wholly owned by the Malaysian Ministry of Finance, Inc.

Location

Tun Razak Exchange is located in the eastern edge of Kuala Lumpur's central business district, sandwiched between Bukit Bintang, Pudu, Cochrane, Kampung Pandan and Ampang Hilir. The Royal Selangor Golf Club is across Jalan Tun Razak, as well as RHB Bank's national headquarters and Zouk KL.

Transportation

Public transportation

Since July 2017 there is an  SBK20  MRT station immediately on-site, part of the MRT SBK Line. rapidKL bus route T407 (an MRT feeder route) connects the MRT station to Kampung Pandan while the longer route 402 (ordinary route) connects to Maluri, Jalan Ampang, KLCC, Hospital Kuala Lumpur and finally the Titiwangsa bus hub.

Car

The Tun Razak Exchange site is located near the entrance to the SMART Tunnel and adjacent to the junction of Jalan Tun Razak, Jalan Kampung Pandan and Maju Expressway which connects downtown Kuala Lumpur to Cyberjaya. A connection to a planned extension of DUKE is also in the works.[2]

Investors

Lendlease – The Exchange TRX

In March 2015, TRX City Sdn Bhd, a wholly-owned subsidiary of the Malaysian Minister of Finance Inc., signed a [] Joint Venture Master Framework Agreement with Lendlease, an Australia-based property and infrastructure group to develop the TRX's Lifestyle Quarter, which has been renamed as The Exchange TRX.[3] Lendlease has a 60% stake in the joint venture, and TRX City Sdn Bhd has the remaining 40%.[4] The retail-led mixed-use development entered the construction phase in September 2017 after a 2-year design period, with completion expected in 2020/21. Lendlease secured an RM2.15 billion loan to complete this RM9 billion development.[5]

It will occupy over 17 acres and would comprise a retail mall (called The Exchange) located underneath a 10-acre central park,[6] 6 residential towers (TRX Residences) and a luxury hotel connected to the multi-layered central park as well as the Tun Razak Exchange MRT Station. The central park will connect all the buildings within TRX using tumbling, terraced greenery, water features and shaded sections.[7][8] Once completed, the development has a forecast gross development value of over RM 8 billion.[9] [10] The Exchange, with a nett lettable area of 120,773 square metres, will be a shopping, dining, leisure and entertainment destination featuring over 500 shops.[11]

In October 2017, Lendlease Development Malaysia Sdn Bhd said that more than 26% of the 1.3 million square feet of net lettable area (NLA) of the Exchange (the retail space at the TRX Lifestyle Quarter) had been successfully leased to three anchor tenants: (1) Seibu, a Japanese departmental store, (ii) the Dairy Farm Group of Hong Kong (for an upscale supermarket), and (iii) Golden Screen Cinemas.[12]

Mulia Group – The Exchange 106
The Exchange 106 as of May 2019

Following the partnership with Lendlease, TRX announced its Sale and Purchase agreement with the Mulia Group to develop the Signature Tower.[13] In April 2016, the Mulia Group announced that all excavation, blasting, piling and site work have been completed within three months. The next phase of the Signature Tower construction saw the pouring of concrete, a massive 20,000 m3 mat foundation. The Signature Tower now named The Exchange 106, the tallest building in TRX and Malaysia, is the TRX's centrepiece landmark. It will have 106 floors with massive column-free floor plates ranging from 28,000 to 34,000 square feet, a gross floor area of about four million sq. ft., and a nett lettable area of 2.8 million sq ft[14]

HSBC Bank Malaysia – Headquarters
HSBC Malaysia Headquarter Under Construction in July 2020

HSBC Bank Malaysia will invest US$250 million to acquire land and build its future headquarters at the TRX's financial district. Presently HSBC's Malaysian headquarters is located at Medan Pasar, adjacent to Masjid Jamek. The new HSBC headquarters will have a minimum office space of 568,000 square feet. HSBC Bank Malaysia is the first wholly foreign-owned bank to invest in TRX. It has appointed IJM Construction Sdn Bhd as the contractor to undertake the HSBC Malaysia headquarters' design and construction for a contract sum of approximately RM392 million (excluding lifts and facade works), with completion expected to be in December 2020.[15][16][17]

Prudential Malaysia – Headquarters
Menara Prudential, TRX, Kuala Lumpur, Malaysia

Prudential Malaysia will be relocating its Malaysia headquarters to a 27-storey purpose-built building in the TRX's financial district. The new Prudential headquarters, located adjacent to TRX's main pedestrian gateway from the Bukit Bintang area, incorporates the traditional Malaysian element of Tengkorak Diraja (a Malay royal headgear). With 51,018 sqm of Grade A office space, the building will house all of Prudential's life insurance and asset management businesses in Malaysia under one roof. The owner-cum-developer of this building is IJM Corp Bhd, through its wholly-owned subsidiary Fairview Valley Sdn Bhd. IJM Construction Sdn Bhd is the main contractor of this Grade A, LEED Gold-certified office building. Construction work on this 27-storey building started in January 2017, and by December 2017, IJM had completed the building's structural works up to its top floor. As af the second half of 2018, IJM had already secured tenants (which includes Prudential Malaysia) for 84% of its net lettable area. The building was designed by Broadway Malyan, a global architectural firm after it won an international design competition for the building.[18] [19] [20] [21][22][23]

Affin Bank – Headquarters
Affin Bank Headquarters in TRX under construction in July 2020

Affin Bank Berhad will build its new headquarters[24] on a site located in the district's Financial Quarter. In April 2017, the bank signed an agreement to acquire a 54,266 sq ft plot of land on which it will build its headquarters, for a total cost of RM555 million.[25] In September 2018, IJM Construction Sdn Bhd was awarded RM505 million superstructure contract for the construction of Affin Bank's new 47-storey headquarters. The building, expected to be completed by the end of 2020, features a banking hall, auditorium and convention facilities, and access to the TRX MRT station via a sunken plaza, spacious outdoor terraces and sky gardens.[26]

CCCC – Asean Regional Headquarters

China Communications Construction Co Ltd (CCCC) will build a commercial tower that it will use as its hub for the ASEAN region. The CCCC tower will be constructed on the land that was previously earmarked for the construction of high-end serviced apartments by WCT Holdings, but WCT has denied this – see the WCT section below. [27]

China Communications and Construction Group (CCCG) and WCT Group – Residential Development

In Oct 2015, WCT Holdings Berhad, through its subsidiary WCT Precious Development Sdn Bhd (WCTPD), agreed to purchase a land plot within TRX for a sum of RM223 million. Together with this, WCT was awarded RM754 million contract to construct and complete infrastructure and roadways in TRX. In Aug 2017, WCT announced that its subsidiary WCT Land Sdn Bhd and WCTPD had agreed with CCCG Overseas Real Estate Pte Ltd (CORE) to develop this plot TRX land. WCT Group has proposed a residential development to be undertaken, comprising a tower block of high-end serviced apartments with complementary retail components.[28][29]

In January 2019, Core Precious Development Sdn Bhd (80% owned by CCCG and 20% WCT), held the groundbreaking ceremony for this project, which comprises two serviced residence towers and one serviced apartment tower, scheduled to be completed by the end of 2022. The project features 700 residential units, catering to financial professionals and expatriates.[30]

Urusharat Jamaah Sdn Bhd- Mixed-Use Development

Lembaga Tabung Haji bought a 0.631-hectare piece of land in TRX for RM188.5 million in 2015. In 2017, Tabung Haji announced that its TRX development would encompass a mix of apartments, serviced apartments, and other commercial developments, with a gross development value estimated at RM900 million.[31] In January 2019, Lembaga Tabung Haji sold its plot of land at a premium to Urusharat Jamaah Sdn Bhd, a company owned by the Malaysian government.[32]

Veolia Water – Water Treatment and Recycling

TRX signed a 20-year concession agreement with Veolia Water Technologies Southeast Asia in September 2014, for wastewater treatment and recycled water supply in TRX.[33] A key component of TRX's sustainability framework, the district is supported by Veolia's onsite cooling system to reduce energy consumption and wastewater recycling treatment to conserve water, as well as a large urban public green realm for Kuala Lumpur.

See also

References
  1. "About Tun Razak Exchange". Tun Razak Exchange. 2016-11-10. Retrieved 2017-09-10.
  2. "TRX to be linked to 3 major highways". The Rakyat Post.
  3. http://www.thestar.com.my/business/business-news/2015/03/19/1mbd-real-estate-lend-lease-ink-trx-lifestyle-quarter-deal/ Lifestyle Quarter
  4. "1MBD Real Estate, Lend Lease ink TRX lifestyle quarter deal". The Star Online.
  5. "Lendlease secures RM2.15b loan from major banks for TRX development". New Straits Times.
  6. "TRX CEO: An Exciting 2019 Begins". TRX City Sdn Bhd.
  7. "Lendlease to Bring Unique Touch to The Exchange TRX". TRX City Sdn Bhd.
  8. "Construction of Lendlease's TRX Lifestyle quarter in full swing". The Star Online.
  9. "Tun Razak Exchange project ready for showcase". Jakarta Post. Jakarta Post.
  10. "Lifestyle quarter to front TRX". The Star Online.
  11. "TRX LIFESTYLE QUARTER". LendLease.
  12. "LTRX retail mall gets three anchors tenants". The Star Online.
  13. "1MDB Real Estate signs with Indonesia's Mulia to build TRX tower". The Star Online.
  14. "Mulia to make Signature mark". The Star Online.
  15. "$250 mln to build HQ in TRX financial district". Reuters. Reuters.
  16. "HSBC makes major investment in Malaysia" (PDF). TRX.my. TRX.
  17. See the Knight Frank 2017 2H Real Estate Highlights Report
  18. "Dynamic design marks new Prudential HQ in TRX". trx.my. TRX City Sdn Bhd.
  19. "Prudential relocates its HQ to TRX". thestar.com.my. The Star.
  20. "Insurance Giant Prudential joins TRX". TRX.my. TRX.
  21. "IJM to develop and own Menara Prudential in upcoming TRX". thestar.com.my. The Star.
  22. "Malaysia Real Estate Highlights – 2H2017" (PDF). knightfrank.com.my. Knight Frank Malaysia.
  23. "All 27 storeys of TRX tower completed". thestar.com.my. The Star.
  24. "Malaysia's Affin buys land plot for $65 mln in KL financial district". Reuters. Reuters.
  25. "Affin Bank buys RM255m land in TRX for new HQ". The Malaysian Reserve. The Malaysian Reserve.
  26. "IJM wins RM505 million contract to build Affin Bank's headquarters at TRX". The New Straits Times. The New Straits Times.
  27. "China's CCCC to make KL its Asean hub, build tower at TRX". thestar.com.my. The Star Malaysia.
  28. "WCT wins major contract in TRX". New Straits Times.
  29. "Delay in WCT's TRX infra project not a major concern". The Edge Markets.
  30. "WCT and Chinese partner to jointly develop a first residential project in TRX worth RM1.1b". The Edge Markets.
  31. "Tabung Haji's TRX project to boast of iconic and spectacular design". New Straits Times.
  32. "TH completes disposal of TRX land at a premium". New Straits Times.
  33. "Waste Not, Want Not". TRX Microsite.
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