Tun Razak Exchange
Tun Razak Exchange (“TRX”), formerly known as Kuala Lumpur International Financial District (KLIFD), is a development to create one of the most liveable financial districts in Asia. It is being built upon 70 acres of prime real estate in Kuala Lumpur, Malaysia, and will feature office spaces complemented by world-class residential, retail and leisure spaces with the concept of a unique work-live-play experience.
The Tun Razak Exchange is described to be designed with the future in mind and will incorporate technologies including district-wide digital connectivity, enhanced energy, water and waste management systems, and e-services in residential and commercial properties.
The project is seen as a strategic priority by Malaysian Prime Minister Najib Razak who assembled a special task force led by the Minister in charge of the Economic Planning Unit to assist with facilitating investments and business operations. Several government incentives including income tax exemptions, stamp duty waivers and cost rebates have been introduced to attract international corporations and expedite the process of setting up businesses within TRX. The district is expected to attract 250 global financial services companies and create 40,000 skilled and knowledge-based jobs.
The TRX has been identified as one of the many high-impact public-private partnership (PPP) projects that will help to drive the economic transformation agenda.[1]
Location
TRX is strategically located at the southern gateway to Kuala Lumpur’s city centre flanked by main arterial roads and is a natural extension to the Golden Triangle – the city’s commercial, shopping and entertainment hub. The district will also high accessibility with a dedicated Mass Rapid Transit (MRT) underground interchange planned to be the largest in Malaysia, nearby RapidKL stations, new highway connections and direct routes to Kuala Lumpur International Airport.
The Master Plan
The Master Plan includes a total of 25 buildings and over 21 million ft2 of total building Gross Floor Area (GFA) spread across office, residential, hotel, retail, F&B and cultural offerings. TRX has a development period of 15 years to be completed in phases with the initial Phase 1 slated for completion in 2017. Upon its completion, the district is expected to contribute towards job creation, attracting knowledge-based talent, increasing the number of world leading companies to the city, and drive greater economic growth for the country. This national project will vastly support ETP’s goal to raise Malaysia’s Gross National Income per capita to USD15,000, create 3.3 million jobs and secure USD444 billion in investments by 2020. The signature tower which will be the landmark of the TRX will have a height of 380m.
Investors
In June 2014, the international property and infrastructure group, Lend Lease, was chosen by 1MDB RE to be a major investor partner in Phase 1 to develop the Lifestyle Quarter in TRX, which will consist of a 2 million ft2 retail mall seamlessly connected to TRX’s multi-layer central park, three residential towers and a hotel. An official signing ceremony was held to officiate the joint venture partnership between 1MDB RE and Lend Lease.
References
- ↑ "Najib's speech on 10MP". The Edge. 2010-06-10.