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1MDB ropes in Australia's Lend Lease for TRX project

1MDB's wholly-owned subsidiary 1MDB Real Estate Sdn Bhd (1MDB RE), the master developer for the RM29.4 billion Tun Razak Exchange (TRX) project, has signed a joint venture agreement and a sale and purchase agreement with Australia-headquartered Lend Lease to jointly develop a mixed development known as the Lifestyle Quarter within the proposed TRX.

The agreements were subsequent to the signing of a Master Framework Agreement between the two parties signed in October 2014.

The Lifestyle Quarter will be built over a 16.8-acre site (6.8ha) with a potential Gross Development Value (GDV) of over RM8 billion upon completion, with Lend Lease owning 60% of the joint venture and 1MDB RE owning the remaining 40%.

The mixed use project will contain a new shopping mall, three residential towers and a 5-star hotel tower connected to a multi-layer central park and the TRX MRT Station, which will be the largest MRT station in Kuala Lumpur. It will be earmarked as an underground interchange station between MRT Line 1 and MRT Line 2. The TRX Station was formerly called the Pasar Rakyat Station.

The Lifestyle Quarter is expected to attract US$1 billion in foreign direct investments to Malaysia.

It will form the social heart of the TRX, by offering a series of modern lifestyle experiences and will set new benchmarks not only in terms of design, but for the types of retailers, dining establishments, outdoor spaces, leisure activities and entertainment options.

The 70-acre TRX project is positioned as Kuala Lumpur's purpose-built international business and financial district. It is located near to Jalan Bukit Bintang, Kuala Lumpur's shopping belt and the iconic Petronas Twin Towers in KLCC.

TRX is envisioned to host 100 to 250 of the world's leading corporations and create more than 40,000 jobs for knowledge workers specialising in various high-value sectors such as financial services and Islamic banking.

To recap back in April 2013, 1MDB awarded its first package of earthworks and substructure contract to WCT Berhad worth RM169 million. In September 2014, 1MDB signed a 20-year concession agreement with Veolia Water Technologies Southeast Asia for wastewater treatment and recycled water supply in TRX. The wastewater treatment plant to be built and operated by Veolia will be a key component of TRX’s sustainability framework, supplying recycled water and cutting water demand by more than 50%.

Operating in Malaysia for over 30 years, Lend Lease had been involved in projects such as the Petronas Twin Towers, KL Sentral Station, Alamanda Shopping Centre, Setia City Mall, Platinum Park Phase 3 and most recently the Pinewood Iskandar Malaysia Studios, as well as international urban regeneration projects such as Barangaroo South and Darling Harbour Live, both in Sydney, and Elephant & Castle as well as the International Quarter in London.

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