TRX City to hold back balance of land sale
KUALA LUMPUR: TRX City Sdn Bhd, the master developer of Tun Razak Exchange (TRX), is in no hurry to sell the remaining 30 per cent of its 28.33ha land — a move that will likely boost the project’s gross development value (GDV) to more than the estimated RM40 billion.
The firm has sold about 70 per cent of the total land to Lendlease, Mulia Property Development, HSBC, CORE Precious Development, Affin Bank Bhd, IJM Corp Bhd and Urusharta Jemaah Sdn Bhd.
TRX City chief executive officer Datuk Azmar Talib said the company was looking to maximise the land value by pacing down the remaining land sales, despite many local and international investors knocking on its door.
“If we sell now, then we lose the upside (potentially greater gains later). The upside is too tight now. We can’t develop the whole thing at one go. We also need to allow space for infrastructure construction and logistics,” he said after the signing of a common estate agreement (CEA) between TRX City and its partners and investors, here, yesterday.
Azmar said the project had the potential to command higher than the RM40 billion GDV estimation.
“We are building less than half of the total space, but the GDV that we have now is more than half of the RM40 billion,” he said.
TRX City signed the CEA with the seven TRX plot owners to ensure that long-term maintenance, management and services would be provided for TRX’s infrastructure, public realms and other facilities.
Meanwhile, Federal Territories Minister Khalid Samad said the government expected the development’s economic footprint to reach far beyond the confines of its 28.33ha space and benefit the capital as a whole.
He said the financial district was poised to be a timeless development benefitting the whole of Greater Kuala Lumpur for years to come.
Khalid said among the unique features was the TRX mass rapid transit (MRT) interchange servicing both the MRT Line 1 and 2.
“Along with the seamless road connectivity and a porous border that invites people in, these will help TRX become the next destination for Kuala Lumpur,” he said, adding that facilities, such as its City Park, public plazas and upgraded surrounding “streetscapes”, would enhance the liveability of surrounding areas.
Khalid said areas, such as Imbi and Pudu, were expected to be rejuvenated to increase the vitality in the Golden Triangle.
He said the City Park had the potential to be one of the leading public parks in the region.
It will have open green space, sports and children’s play facilities, open-air dining and venue for concerts and cultural celebrations.
“We hope the park, which will belong to City Hall and be maintained by TRX, will be a future pride of Kuala Lumpur,” Khaid added.