KUALA LUMPUR: Key Lendlease projects in Malaysia achieved significant milestones last month, with the Tun Razak Exchange (TRX) Lifestyle Quarter obtaining approvals and moved into the construction phase of the development.
Besides its work on TRX, the Australia-based property and infrastructure group has also started construction of the second phase of Setia city Mall, Shah Alam. This is estimated to be completed by 2019 while the TRX retail segment, by 2020.
The TRX Lifestyle Quarter project is via a joint venture (JV) with TRX City Sdn Bhd, a subsidiary of the Ministry of Finance, Malaysia.
Setia City Mall is owned by Greenhill Resources Sdn Bhd, a JV between Asian Retail Investment Fund 2, a Lendlease managed fund and S P Setia Bhd.
The 17-acre mixed use development known as Lifestyle Quarter comprises a new city centre retail mall with a net lettable area of 1.35 million sq ft, six residential towers, a luxury hotel and a 10-acre park.
“Works are now in full swing,” said Lendlease Development Malaysia Sdn Bhd MD Stuart Mendel.
The Exchange TRX has to date leased 26% of its retail space to include Seibu, a new-to-market leading Japanese department store, an upscale supermarket brand by Dairy Farm Group of Hong Kong as well as a new concept in cinema and entertainment by Golden Screen Cinemas (GSC).
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