Tun Razak Exchange 99 pct completed, says CEO

 

The Tun Razak Exchange (TRX) is now 99 percent completed, with the remaining one percent comprising major infrastructure works which are nearing completion, the master developer of the financial district TRX City Sdn Bhd said.

“Although we were constrained by the movement control order resulting from the Covid-19 pandemic, we managed to continue developing TRX and the successfully completed buildings are Menara Prudential and HSBC Bank,” TRX City chief executive officer Azmar Talib told the media at the Hari Raya open house at Raintree Plaza, TRX yesterday.

“As for the Affin Bank building, we have obtained a Certificate of Completion and Compliance (CCC) and it will be ready for occupation in the third quarter of this year," he added.

Azmar said although TRX City is the master developer, the development of the individual plots depends on the respective landowners.

On TRX’s retail updates, Azmar said its main commercial (area) will be the Lifestyle Quarter, developed by a 60:40 joint venture (JV) company between Australia’s property and infrastructure group Lendlease and TRX City and this JV will manage it.

He said an announcement regarding the Lifestyle Quarter will be forthcoming.

“We are seeing a lot of progress, but of course, the MCO had affected some of our physical progress.

“We are trying to get back the momentum, especially (the) momentum to get retailers and (those who are) new to the market to come to TRX,” he said.

Rising interest rates

On global inflationary pressures and rising interest rates, Azmar said the company does not rule out their impact on TRX, but (the fact remains that) it has completed most of the development work.

“We will be completing the work, but moving forward we have to be aware (of this inflationary pressures and rising rates) and we have to adjust with this.

“I and all the other parties are very concerned about this (and) we try to mitigate whatever the risk,” he said.

The 70-acre TRX is expected to be completed in phases over the next 15 to 20 years. Menara Prudential was the first office building to be occupied in 2019.

Indonesia’s Mulia group, the developer of office skyscraper Exchange 106, is seeking tenants. HSBC and Affin Bank headquarters will be operating from the district this year.

- Bernama