KUALA LUMPUR: Tun Razak Exchange (TRX) master developer 1MDB Real Estate (1MDB RE) and Lend Lease sealed their partnership on Thursday to develop the Lifestyle Quarter which will have a GDV of RM8bil.
1MDB RE, a unit of 1 Malaysia Development, said it would own 40% of the project while the remaining 60% will be owned by Lend Lease.
“Supporting TRX's 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 comprising a new retail mall, several residential towers and a hotel connected to a multi-layer central park and the largest MRT station in Kuala Lumpur,” it said.
The signing of the JV agreements and a sale and purchase agreement was in the presence of Prime Minister Datuk Seri Mohd Najib Tun Abdul Razak. The master framework agreement was signed last October.
CEO 1MDB Real Estate Datuk Azmar Talib said TRX has successfully played a catalyst role to attract a significant FDI commitment in Malaysia's premier financial district.
“We will announce more commitments from top tier local and international investors in the coming months.
"With this Lifestyle Quarter partnership sealed, 1MDB RE will focus on delivering major infrastructure upgrades for TRX and the Imbi area with a view to accelerate the development of TRX to meet strong and tangible demand,” he said.
CEO for Lend Lease in Asia, Rod Leaver, said: "We are pleased to complete the negotiations and continue the journey to transform TRX into an iconic destination. With our global track record in large scale urban regeneration in partnership with national and city governments, coupled with our over 35 year history in Malaysia, we are confident of making the TRX Lifestyle Quarter an outstanding success with our partner."
The Lifestyle Quarter will form the social heart of the TRX precinct. It plans 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.