A view of the Tun Razak Exchange (TRX) site in the heart of Kuala Lumpur. TRX is selling a plot of residential land to the WCT Group. – Reuters file pic, October 19, 2015.Tun Razak Exchange (TRX) said today it had awarded a RM754.8 million infrastructure contract to engineering and construction company WCT Bhd.
Separately, the WCT Group is also buying a plot of residential land in TRX, which was originally planned as a 70-acre financial centre in Kuala Lumpur to be developed by 1Malaysia Development Bhd (1MDB).
The two-year infrastructure contract for WCT covers underground road structures, installation of direct buried utilities, roadways, earthworks, and mechanical and electrical works, TRX said in a statement.
"WCT is a well-known name when it comes to large-scale construction, infrastructure and engineering work, and given their solid track record, we are happy to continue working with them for the TRX project," said 1MDB Real Estate CEO Datuk Azmar Talib.
Meanwhile, the plot of land WCT is purchasing will cost RM233 million, or about RM3,100 per square feet.
In April, pilgrims fund Lembaga Tabung Haji bought a 1.56-acre plot land in the TRX project at RM188 million with a plan to build a residential tower.
Then, in May, 1Malaysia Development Bhd (1MDB) announced it had sold land in TRX for RM665 million to Indonesia's Mulia Group to build its Signature Tower.
In August, Affin Holdings said that its banking unit, Affin Bank Bhd, was acquiring a tract of land measuring 0.51ha in the TRX from KLIFD Sdn Bhd.
The development, costing RM300 million, would have a gross floor area of 823,439 sq ft and it would house Affin's new 35-storey headquarters. The construction is expected to be completed by end-2018.
The other confirmed deal in TRX is a 1MDB RE joint venture with global developers Lend Lease for a RM8 billion Lifestyle Quarter to be developed over 6.9ha of TRX off Jalan Tun Razak.
1MDB had purchased the entire 28 ha of the TRX land from the government for a mere RM194.1 million.
- TMI
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