1MDB RE partners with Lend Lease for TRX Lifestyle Quarter
Date：2015/03/22
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1MDB Real Estate (1MDB RE) and Lend Lease have sealed their partnership to develop Tun Razak Exchange’s (TRX) Lifestyle Quarter.
Notably, the signing of the joint venture as well as sale and purchase agreements were witnessed by Prime Minister Dato’ Sri Mohd Najib Tun Abdul Razak.
With a forecast gross development value of RM8 billion upon completion, the Lifestyle Quarter will be 40 percent owned by 1MDB RE, the master developer of TRX, and 60 percent owned by Lend Lease.
It will be a retail-led mixed-use development of more than 17 acres comprising several residential towers, a new retail mall, the largest MRT station in Kuala Lumpur and a hotel connected to a multi-layer central park.
1MDB RE CEO Dato’ Azmar said: “We are proud to announce this inaugural investment in TRX with Lend Lease, a strong and reputable international partner. TRX has successfully played a catalyst role to attract a significant FDI commitment in Malaysia’s premier financial district. We will announce more commitments from top tier local and international investors in the coming months.”
“With this Lifestyle Quarter partnership sealed, 1MDB RE will focus on delivering major infrastructure upgrades for TRX and the Imbi area with a view to accelerate the development of TRX to meet strong and tangible demand.”
Meanwhile, Rod Leaver, CEO for Lend Lease said: “We are confident of making the TRX Lifestyle Quarter an outstanding success with our partner.”
Lend Lease is an international property group that offers fully integrated services including development, investment management, project management, construction as well as asset and property management.
In June 2014, it was selected from a pool of local and international bidders to partner with 1MDB for the development of the Lifestyle Quarter, following an invitation to participate as strategic partner in TRX.
Notably, TRX will be one of the biggest developments under Lend Lease’s portfolio of global projects.
The Lifestyle Quarter will form the social heart of the TRX precinct. It targets to provide a series of modern lifestyle experiences as well as set new benchmarks not only in terms of design, but in the types of dining establishments, retailers, outdoor spaces, entertainment options and leisure activities it provides.