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Tun Razak Exchange

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Tun Razak Exchange
Central business district
Skyline of TRX on March 2023
Skyline of TRX on March 2023
Official logo of Tun Razak Exchange
Logo
Nickname: 
TRX
Map
Location of TRX in Kuala Lumpur
Coordinates: 3°08′31″N 101°43′05″E / 3.142°N 101.718°E / 3.142; 101.718
Country Malaysia
CityKuala Lumpur
Area
 • Total
30 ha (70 acres)
Time zoneUTC+8 (Malaysia Standard Time)
Postal code
55188
Websitetrx.my Edit this at Wikidata

The Tun Razak Exchange, otherwise known as TRX (previously known as Kuala Lumpur International Financial District or KLIFD), is a 70-acre development by 1Malaysia Development Berhad (1MDB) in the heart of Kuala Lumpur for international finance and business. The development was named after the second Prime Minister of Malaysia, Tun Abdul Razak Hussein, due to its location along Jalan Tun Razak.[1] TRX is a strategic enabler of the Malaysian government's Economic Transformation Programme (ETP).

The master plan includes a total of 26 buildings and over 21 million ft2 of Gross Floor Area (GFA) spread across the office, residential, hotel, retail, F&B and cultural offerings.

The project has a development period of 15 years to be completed in phases with the initial Phase 1 slated for completion in 2017/2018.[2]

TRX's landmark building is The Exchange 106, currently the third tallest skyscraper in Malaysia, and was the second tallest upon completion.

TRX site in May 2015.
Groundworks of Exchange 106 tower in May 2016.
Construction of the development in July 2016.

Developer

The master developer of the Tun Razak Exchange development is TRX City Sdn Bhd, a company wholly owned by the Malaysian Ministry of Finance, Inc.

Location

Tun Razak Exchange is located in the eastern edge of Kuala Lumpur's central business district, sandwiched between Bukit Bintang, Pudu, Cochrane, Kampung Pandan and Ampang Hilir. The Royal Selangor Golf Club is across Jalan Tun Razak, as well as RHB Bank's national headquarters and Zouk KL.

Transportation

Public transportation

Since July 2017, there is the  KG20  PY23  Tun Razak Exchange MRT station immediately on-site as part of the MRT Kajang Line and Putrajaya Lines. RapidKL bus route T407 (an MRT feeder route) connects the MRT station to Kampung Pandan while the longer route 402 (ordinary route) connects to Maluri, Jalan Ampang, KLCC, Hospital Kuala Lumpur and finally the Titiwangsa bus hub.

Car

The Tun Razak Exchange site is located near the entrance to the SMART Tunnel SMART Tunnel and adjacent to the junction of Jalan Tun Razak, Jalan Kampung Pandan and Maju Expressway Maju Expressway which connects downtown Kuala Lumpur to Cyberjaya. A connection to a planned extension of DUKE Duta–Ulu Klang Expressway is also in the works.[3]

Investors

Lendlease – The Exchange TRX

The Exchange TRX mall in May 2019, currently under construction as of today

In March 2015, TRX City Sdn Bhd, a wholly owned subsidiary of the Malaysian Minister of Finance Inc., signed a Joint Venture Master Framework Agreement with Lendlease, an Australia-based property and infrastructure group to develop the TRX's Lifestyle Quarter, which has been renamed as The Exchange TRX.[4] Lendlease has a 60% stake in the joint venture, and TRX City Sdn Bhd has the remaining 40%.[5] The retail-led mixed-use development entered the construction phase in September 2017 after a 2-year design period, with completion expected in 2020/21. Lendlease secured an RM2.15 billion loan to complete this RM9 billion development.[6]

It will occupy over 17 acres and would comprise a retail mall (The Exchange TRX) located underneath a 10-acre central park (TRX City Park),[7][8] 6 residential towers (TRX Residences) and a luxury hotel (Malaysia's first Kimpton Hotel, with 471 rooms[9]) connected to the multi-layered central park as well as the Tun Razak Exchange MRT station. The central park will connect all the buildings within TRX using tumbling, terraced greenery, water features and shaded sections.[10][11] Once completed, the development has a forecast gross development value of over RM9.5 billion.[12][13] The Exchange TRX, with a nett lettable area of 120,773 square metres, will be a shopping, dining (with five F&B precincts offering local, international and rooftop luxury dining experiences), leisure and entertainment destination featuring over 500 shops.[14]

In October 2017, Lendlease Development Malaysia Sdn Bhd said that more than 26% of the Exchange had been successfully leased to three anchor tenants:[15]

% Arabica will also be opening a roastery and it will be the second outlet in Malaysia upon completion of the mall.[16] Other well-known retailers that will make their presence at the mall include Kiehl’s, Diptyque, Coach, Tiffany & Co, Fendi, Hublot, Dior, Burberry, Saint Laurent, Gucci, Chanel, Louis Vuitton, Guerlain, Rimowa, Hublot, Lancôme, Bell & Ross, Steve Madden, Gentle Monster and many more.[17]

In December 2022, the project director of The Exchange TRX, Mitch Wilson, said that the mall will include more than 400 stores across four retail levels. He also mentioned that the mall will be opened to the public in Q4 2023.[18]

Mulia Group – The Exchange 106

Aerial view of The Exchange 106 and TRX in November 2019

Following the partnership with Lendlease, TRX announced its Sale and Purchase agreement with the Mulia Group to develop the Signature Tower.[19] In April 2016, the Mulia Group announced that all excavation, blasting, piling and site work have been completed within three months. The next phase of the Signature Tower construction saw the pouring of concrete, a massive 20,000 m3 mat foundation. The Signature Tower, now named The Exchange 106, the tallest building in TRX and one of the tallest in Malaysia, is the TRX's centrepiece landmark. It has 106 floors with massive column-free floor plates ranging from 28,000 to 34,000 square feet, a gross floor area of about four million sq. ft., and a nett lettable area of 2.8 million sq ft.[20]

HSBC Bank Malaysia – Headquarters

HSBC Malaysia Headquarters, under construction in July 2020.

HSBC Bank Malaysia invested USD 250 million for its new headquarters at TRX, and it was reportedly the first foreign bank in Malaysia to invest in the project. The new HSBC headquarters, named Menara IQ, will have a minimum office space of 568,000 square feet. It has appointed IJM Construction Sdn Bhd as the contractor to undertake the HSBC Malaysia headquarters' design and construction for a contract sum of approximately RM392 million (excluding lifts and facade works). HSBC formally relocated its Malaysian headquarters to TRX in March 2022, replacing its old headquarters at Market Square where it had been since British colonial rule.[21][22][23][24]

Prudential Malaysia – Headquarters

Menara Prudential in May 2020

Prudential Malaysia has relocated its Malaysia headquarters to a 27-storey purpose-built building in the TRX's financial district. The new Prudential headquarters, located adjacent to TRX's main pedestrian gateway from the Bukit Bintang area, incorporates the traditional Malaysian element of Tengkolok Diraja (a Malay royal headgear). With 51,018 m2 of Grade A office space, the building will house all of Prudential's life insurance and asset management businesses in Malaysia under one roof. The owner-cum-developer of this building is IJM Corp Bhd, through its wholly owned subsidiary Fairview Valley Sdn Bhd. IJM Construction Sdn Bhd is the main contractor of this Grade A, LEED Gold-certified office building. Construction work on this 27-storey building started in January 2017, and by December 2017, IJM had completed the building's structural works up to its top floor. As af the second half of 2018, IJM had already secured tenants (which includes Prudential Malaysia) for 84% of its net lettable area. The building was designed by Broadway Malyan, a global architectural firm after it won an international design competition for the building.[25][26][27][28][29][30]

Affin Bank – Headquarters

Affin Bank Headquarters in TRX, under construction in July 2020.

Affin Bank Berhad will build its new headquarters[31] on a site located in the district's Financial Quarter. In April 2017, the bank signed an agreement to acquire a 54,266 sq ft plot of land on which it will build its headquarters, for a total cost of RM555 million.[32] In September 2018, IJM Construction Sdn Bhd was awarded RM505 million superstructure contract for the construction of Affin Bank's new 47-storey headquarters. The building, expected to be completed by the end of 2020, features a banking hall, auditorium and convention facilities, and access to the TRX MRT station via a sunken plaza, spacious outdoor terraces and sky gardens.[33]

China Communications and Construction Group (CCCG) and WCT Group – Residential Development (CORE Residence @ TRX)

In October 2015, WCT Holdings Berhad, through its subsidiary WCT Precious Development Sdn Bhd (WCTPD), agreed to purchase a land plot within TRX for a sum of RM223 million. Together with this, WCT was awarded RM754 million contract to construct and complete infrastructure and roadways in TRX. In August 2017, WCT announced that its subsidiary WCT Land Sdn Bhd and WCTPD had agreed with CCCG Overseas Real Estate Pte Ltd (CORE) to develop this plot of TRX land.[34][35]

In January 2019, Core Precious Development Sdn Bhd (80% owned by CCCG and 20% WCT), held the groundbreaking ceremony for this project (named CORE Residence @ TRX), which comprises two serviced residence towers and one serviced apartment tower, scheduled to be completed in 2023 with handover in 2024. The project features 700 residential units, catering to financial professionals and expatriates.[36][37][38]

Urusharat Jamaah Sdn Bhd – Mixed-Use Development

Lembaga Tabung Haji bought a 0.631-hectare piece of land in TRX for RM188.5 million in 2015. In 2017, Tabung Haji announced that its TRX development would encompass a mix of apartments, serviced apartments, and other commercial developments, with a gross development value estimated at RM900 million.[39] In January 2019, Lembaga Tabung Haji sold its plot of land at a premium to Urusharat Jamaah Sdn Bhd, a company owned by the Malaysian government.[40]

CCCC – Asean Regional Headquarters

China Communications Construction Co Ltd (CCCC) will build a commercial tower that it will use as its hub for the ASEAN region. The CCCC tower will be constructed on the land that was previously earmarked for the construction of high-end serviced apartments by WCT Holdings, but WCT has denied this – see the WCT section below.[41]

Veolia Water – Water Treatment and Recycling

TRX signed a 20-year concession agreement with Veolia Water Technologies Southeast Asia in September 2014, for wastewater treatment and recycled water supply in TRX.[42] A key component of TRX's sustainability framework, the district is supported by Veolia's onsite cooling system to reduce energy consumption and wastewater recycling treatment to conserve water, as well as a large urban public green realm for Kuala Lumpur.

See also

References

  1. ^ "Tun Razak Exchange | Kuala Lumpur, Malaysia Attractions". Lonely Planet. Retrieved 2021-10-08.
  2. ^ "About Tun Razak Exchange". Tun Razak Exchange. 2016-11-10. Retrieved 2017-09-10.
  3. ^ "TRX to be linked to 3 major highways". The Rakyat Post.
  4. ^ http://www.thestar.com.my/business/business-news/2015/03/19/1mbd-real-estate-lend-lease-ink-trx-lifestyle-quarter-deal/ Lifestyle Quarter
  5. ^ "1MBD Real Estate, Lend Lease ink TRX lifestyle quarter deal". The Star Online.
  6. ^ "Lendlease secures RM2.15b loan from major banks for TRX development". New Straits Times. 12 February 2019.
  7. ^ "TRX CEO: An Exciting 2019 Begins". TRX City Sdn Bhd.
  8. ^ "TRX City Park | The Exchange TRX". www.theexchange.my. Retrieved 2021-12-21.
  9. ^ "InterContinentaI Group to open Malaysia's first Kimpton Hotel in TRX". TRX Tun Razak Exchange.
  10. ^ "Lendlease to Bring Unique Touch to The Exchange TRX". TRX City Sdn Bhd.
  11. ^ "Construction of Lendlease's TRX Lifestyle quarter in full swing". The Star Online.
  12. ^ "Tun Razak Exchange project ready for showcase". Jakarta Post. Jakarta Post.
  13. ^ "Lifestyle quarter to front TRX". The Star Online.
  14. ^ "TRX LIFESTYLE QUARTER". LendLease.
  15. ^ "LTRX retail mall gets three anchors tenants". The Star Online.
  16. ^ "Gigantic Future-Ready Mall In KL To Open In 2022 & It's Bigger Than Singapore's Largest Mall". KL Foodie. 2020-09-30. Retrieved 2021-10-04.
  17. ^ "What can you expect from TRX and The Exchange mall opening in 2022?". Lifestyle Asia Kuala Lumpur. 2021-12-17. Retrieved 2021-12-21.
  18. ^ December 08, Racheal Lee / theedgemarkets com; Pm +08, 2022 17:47 (2022-12-08). "Lendlease to unveil The Exchange TRX's retail, entertainment component in 4Q2023". The Edge Markets. Retrieved 2022-12-15. {{cite web}}: |first2= has numeric name (help)CS1 maint: numeric names: authors list (link)
  19. ^ "1MDB Real Estate signs with Indonesia's Mulia to build TRX tower". The Star Online.
  20. ^ "Mulia to make Signature mark". The Star Online.
  21. ^ "HSBC invests RM1b to open new head office in TRX". Retrieved 16 June 2022.
  22. ^ "$250 mln to build HQ in TRX financial district". Reuters. Reuters. 15 June 2017.
  23. ^ "HSBC makes major investment in Malaysia" (PDF). TRX.my. TRX.
  24. ^ See the Knight Frank 2017 2H Real Estate Highlights Report
  25. ^ "Dynamic design marks new Prudential HQ in TRX". trx.my. TRX City Sdn Bhd.
  26. ^ "Prudential relocates its HQ to TRX". thestar.com.my. The Star.
  27. ^ "Insurance Giant Prudential joins TRX". TRX.my. TRX.
  28. ^ "IJM to develop and own Menara Prudential in upcoming TRX". thestar.com.my. The Star.
  29. ^ "Malaysia Real Estate Highlights – 2H2017" (PDF). knightfrank.com.my. Knight Frank Malaysia.
  30. ^ "All 27 storeys of TRX tower completed". thestar.com.my. The Star.
  31. ^ "Malaysia's Affin buys land plot for $65 mln in KL financial district". Reuters. Reuters. 10 August 2015.
  32. ^ "Affin Bank buys RM255m land in TRX for new HQ". The Malaysian Reserve. The Malaysian Reserve.
  33. ^ "IJM wins RM505 million contract to build Affin Bank's headquarters at TRX". The New Straits Times. The New Straits Times. 4 September 2018.
  34. ^ "WCT wins major contract in TRX". New Straits Times. 20 October 2015.
  35. ^ "Delay in WCT's TRX infra project not a major concern". The Edge Markets. 8 November 2017.
  36. ^ "WCT and Chinese partner to jointly develop a first residential project in TRX worth RM1.1b". The Edge Markets. 9 January 2019.
  37. ^ "China's CCCG launches first project in Malaysia". The Edge Markets. 25 November 2019.
  38. ^ December 21, Bernama / Bernama; Pm +08, 2021 12:43 (2021-12-21). "China Communications Construction Group confident on high-end property prospects in 2022". The Edge Markets. Retrieved 2021-12-21. {{cite web}}: |first2= has numeric name (help)CS1 maint: numeric names: authors list (link)
  39. ^ "Tabung Haji's TRX project to boast of iconic and spectacular design". New Straits Times. 28 May 2017.
  40. ^ "TH completes disposal of TRX land at a premium". New Straits Times. 15 January 2019.
  41. ^ "China's CCCC to make KL its Asean hub, build tower at TRX". thestar.com.my. The Star Malaysia.
  42. ^ "Waste Not, Want Not". TRX Microsite.
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