TRX lures strong foreign, domestic investors’ interest

KUALA LUMPUR: Upcoming international financial district, the Tun Razak Exchange (TRX), is receiving strong foreign and domestic investors’ interest, 1MDB Real Estate chief executive officer Datuk Azmar Talib said.

“We have not seen any kind of withdrawal in negotiations or discussions,” he said when asked if the issues surroundings 1Malaysia Development Bhd ( 1MDB) was a deterrent for investors investing in TRX.

1MDB Real Estate is a unit of 1MDB.

In fact, there has been more interest shown by foreign investors after 1MDB Real Estate sealed a partnership with Lend Lease, a strong and reputable international partner for the development of the lifestyle quarters, he said.

Australian headquartered Lend Lease is an international property group offering fully integrated services including investment management, development, construction and project management.

It has worked on notable projects in Malaysia including the iconic Petronas Twin Towers, Setia Mall City and most recently, the Pinewood Iskandar Malaysia Studios.

The estimated total gross development value for TRX’s lifestyle quarter is RM8 billion.

“There has been more excitement and people are knocking on our doors.

We have been negotiating with both foreign and local parties and we will be making some major announcements soon,” he told Bernama.

Foreign investors interested to invest in TRX originate from seven countries, which is a strong signal of the project’s sustainability, said Azmar.

Chief executive officer for Lend Lease in Asia Rod Leaver said the firm is committed to the project.

“In some stage in the future, we might bring in larger investors to invest alongside with and 1MDB (Real Estate),” he said.

Elaborating on its approach, Azmar said the firm is mindful in selecting its partners as well as the development of TRX.

“We go through certain rigorous process in selecting our partners and we only develop based on demand,” he said, adding that 1MDB Real Estate has to be very prudent in developing TRX as it was a long-term project.

“The aim is to make sure TRX is able to do to Kuala Lumpur what KLCC did 20 years ago,” said Azmar. — Bernama