TRX City, partners and investors ink common estate deal

The Exchange 106 building stands under construction on the site of the Exchange TRX precinct in Kuala Lumpur, Malaysia, on Tuesday, Feb. 12, 2019.

KUALA LUMPUR: TRX City Sdn Bhd (TRXC), its partners and investors had on Thursday signed the common estate agreement (CEA) which will govern the Tun Razak Exchange (TRX) financial district.

The CEA involves TRXC, the master developers and all plot owners in the 70-acre development to ensure the long-term asset management and services provided for TRX's infrastructure, public space and other common facilities.

The CEA marks a new era in common ownership and public-private partnership as it allows the plot owners to play a part in “ensuring the robustness of the district's international character”.

“Plot owners will have a say in determining the type, level, quality and cost of service that can make TRX an international investment destination, a future-focused live-work-play address,” said TRX City CEO Datuk Azmar Taib.

Some of the common infrastructure will be transferred to the Kuala Lumpur City Hall or DBKL upon completion. This will see DBKL owning world-class assets, such as the 10-acre City Park, while TRX will manage, operate and maintain the common infrastructure.

With Menara Prudential and Exchange 106 already at the final stages of completion, TRXC is expecting the first tenants of the financial district to move in by mid-2019.

The new headquarters for HSBC Malaysia and Affin Bank are being bult and expected to be ready in 2020.

The Exchange TRX, a lifestyle development jointly developed Lendlease and TRXC is expected to be ready in 2021.

TRX is a 70-acre development in the heart of Kuala Lumpur and it has an estimated gross development value of RM40bil.