KWAP agrees to buy TRX land at lower cost compared with Tabung Haji deal

New HQ: A scale model of the Tun Razak Exchange at the launch in Kuala Lumpur about three years ago. KWaP wants to be in an area where the market is, especially one that is going to be a financial centre.

PETALING JAYA: Retirement Fund Inc (KWAP) has agreed to buy a parcel of land and building that will be its new headquarters at the Tun Razak Exchange (TRX) at a price that is more than 15% lower than what Lembaga Tabung Haji (LTH) had paid for.

The heads of agreement for the purchase had been ironed out between KWAP and 1Malaysia Development Bhd (1MDB) that would see KWAP pay between RM1bil and RM1.2bil for a 40-storey building and land at the TRX in Kuala Lumpur.