Lendlease gets okay for construction of TRX
PROPERTY and infrastructure group Lendlease Corp has received all the approvals to progress the Lifestyle Quarter of the Tun Razak Exchange (TRX) to the next stage and has moved into the construction phase of the development.
Australia-listed Lendlease is the joint-venture partner of TRX City Sdn Bhd in developing the Lifestyle Quarter at TRX, a 6.88ha mixed-use development.
Lendlease owns 60% of the partnership, while the remaining 40% stake is held by TRX City.
Lendlease is also the development and construction manager for the project, which has an estimated development end value of around RM8 billion.
Among the approvals received by the company include the Earthworks Plan Approval from the Kuala Lumpur City Hall that would allow it to proceed with construction at the site.
“With the approvals, works at the TRX Lifestyle Quarter comprising a new city centre retail mall, six residential towers, a luxury hotel and park are now in full swing.
“The excavation has been completed. Piling for the retail component is progressing well, with almost 500 structural piles completed,” the group announced in a statement yesterday.
With over 120,774 sq m (1.3 million sq ft) of net lettable area, the project has to date leased 26% of its retail space to include Japanese departmental store Seibu, an
upscale supermarket brand by Hong Kong-based Dairy Farm Group, and a Golden Screen Cinemas theatre.
TRX is an upcoming RM40 billion international finance and business district located between Jalan Tun Razak and Jalan Bukit Bintang.
Its master developer is TRX City, a wholly owned unit of the Ministry of Finance Inc.