KUALA LUMPUR: The RM40 billion Tun Razak Exchange (TRX) project, which was embroiled in controversy over its links to state investment fund 1MDB, is expected to welcome its first tenants by the middle of the year.
TRX City Sdn Bhd CEO Azmar Talib said the company would open its doors to tenants in the second quarter of the year.
This comes as TRX City launches a joint venture development known as The Exchange TRX with Australian property developer Lendlease.
Formerly known as The Lifestyle Quarter, The Exchange TRX, located in the upcoming international financial district, was launched by Finance Minister Lim Guan Eng today.
“I hope this launch marks one of the many steps Malaysia is taking to put 1MDB behind us, allowing us to focus on what matters: to continue to raise the well-being of Malaysians,” he said at the launch.
The entire TRX development is estimated to have a completion value of over RM40 billion. The Exchange TRX, its lifestyle precinct, has a forecast value in excess of RM9 billion.
Lendlease Asia CEO Tony Lombardo said the company was not worried about TRX’s chequered past due to its links with 1MDB, as its strategic partner now was the Ministry of Finance. This, he said, had given Lendlease the confidence to undertake the mammoth project.
He added that HSBC had chosen TRX as the location for its headquarters, another vote of confidence in the project.
When asked about the glut of office property in the Klang Valley, Lombardo said the TRX financial district was different as it was a niche development and would not be affected.
The project is expected to be completed in 2023.