CAEXPO A PLATFORM TO PENETRATE CHINA MART
KUALA LUMPUR: TRX City Sdn Bhd has entered into strategic partnerships with major transport infrastructure players Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) and Stormwater Management and Road Tunnel Sdn Bhd (SMART).
TRX’s agreement with MRT Corp seals their co-existence arrangement, which has provided MRT Corp, as the developer and asset owner of the Klang Valley MRT system, the right to develop an underground station and railway tunnel on TRX land.
TRX City retains the right to future development of the aboveground section.
TRX City chief executive officer Datuk Azmar Talib said the company was always on the lookout for innovative ways to enhance TRX’s proposition as the city’s best connected address.
“As both MRT and TRX are projects of significant national interest, we believe the parties could benefit from this deal beyond just a land sale transaction.”
Azmar said the mutual agreement would allow MRT to bring rail lines into TRX without having to purchase a plot, while also allowing TRX to keep the development rights of the highly strategic location, capitalising on the expected future upside.
The Tun Razak Exchange MRT station, which has been operational since July, is seamlessly integrated with the financial district from its location fronting Jalan Tun Razak, next to TRX’s financial quarter.
The station, the only interchange between the Sungai Buloh-Kajang (SBK) and the upcoming Sungai Buloh-Serdang-Putrajaya (SSP) lines, is crucial to making the financial district one of the city’s largest transit-oriented developments (TOD).
MRT Corp chief executive officer Datuk Seri Shahril Mokhtar said this partnership would enable TRX to be served by Malaysia’s most modern mass transit system.
“TRX will stand to benefit from not one, but two MRT lines. The excellent connectivity and accessibility this development will gain by being linked directly to the urban rail network will certainly boost its intended role as a world-class financial district.”
TRX also signed an agreement with SMART that involves a land swap and the relocation of SMART’s maintenance depot to a new location within TRX.
“The partnership with SMART paves the way for more win-win collaboration with other government-owned infrastructure players in the future,” said Azmar.
SMART chief operating officer Sharifah Alauyah Wan Othman said the partnership would enhance traffic infrastructure in the Greater Kuala Lumpur area.
“SMART will work closely with TRX for a smooth relocation. We would also like to assure our users that traffic operations, the tunnel’s integrity and security will continue to be of our paramount importance,” she said.