TRX takes the spotlight

Site now officially country’s international financial centre

“With this status, the government has provided a slew of incentives for companies moving their base here.” Datuk Seri Anwar Ibrahim

KUALA LUMPUR: The government has announced incentives for companies that seek to relocate their base to the Tun Razak Exchange (TRX) development, which has been also designated as the country’s international financial centre (IFC).

Prime Minister Datuk Seri Anwar Ibrahim said TRX’S special status as the country’s IFC will be supported with the provision of various incentives for relocating companies.

“With this status, the government has provided a slew of incentives for companies moving their base here.

“These encompass an industrial building allowance, tax exemption on 70% of statutory income for a period of five years for property developers, stamp duty exemption on loans and services for Trx-status companies,” Anwar, who is also Finance Minister, said in his keynote address during the launch of TRX as Malaysia’s IFC yesterday.

TRX City Sdn Bhd (TRXC), a wholly owned subsidiary of Minister of Finance Inc (MOF Inc), is the master developer of TRX district.

TRXC chief executive officer Datuk Azmar Talib said the group is on track to achieve its target gross development value (GDV) of Rm40bil, while also having attracted over Rm8bil of investments into TRX.

“Over and above that, we as the master developer have spent about Rm3bil on infrastructure,” Azmar said.

Within five years of operations, the business district has seen an influx of 30,000 workers, 20,000 of whom are knowledge workers.

Over the last decade, TRXC has delivered about 6.5 million sq ft of grade A office space and some 2.5 million sq ft of retail space, with about 1,600 residential units set to be completed in the middle of this year, Azmar added.

“Our buildings are mostly for owner-occupiers or single tenants. The Exchange 106 tower is the only building in TRX that was purpose-built for leasing.

“I am happy to report the district-wide office occupancy in TRX is expected to hit 70% this year, on top of the current 100% mall occupancy,” he said.

The prime minister said the Madani economy framework represents a holistic strategy for addressing Malaysia’s social and economic issues.

“Madani aims to bolster Malaysia’s economic standing on a global scale, navigate the complexities of the global landscape and ensure the nation’s adaptability and resilience through enhanced competitiveness,” he said.

Emphasising innovation, Anwar highlighted the importance of technological advancement and streamlined regulations for sustained economic momentum and investment appeal.

Commenting on the fall in value of the ringgit, Anwar said the government is not taking the decline lightly.

He said the government is making continuous efforts to address the issue, while ensuring investment figures remain intact.

He added the central bank will monitor the ringgit closely while on the government’s side, the relevant ministries and authorities, including the investment council, are conducting daily meetings to tackle the issue.

Anwar added that the government is also working on rehabilitating Malaysian cities’ livability standards and infusing more cultural activity into major urban centres.

“Putrajaya will be turned into an exemplar for a low-carbon city as government efforts are underway to use renewable energy sources there for electricity generation,” he said.