YB LIM GUAN ENG OFFICIATES THE EXCHANGE TRX, BRINGING TO LIFE THE EXPERIENCE ECONOMY WITH A FORECAST END VALUE IN EXCESS OF US$ 2 BILLION

Published by Lavinesh @ 18/02/2019

(Seated from L to R) Mr Kevin Davies, MD, Client Coverage of Maybank, Mr Tetsuya Kainaka, President and CEO of Sumitomo Mitsui Banking Corporation, Yang Berbahagia Dato’ Azmar Talib, CEO of TRX City Sdn Bhd, Mr. Tony Lombardo, CEO of Lendlease Asia, Mr. Stuart Milne, CEO of Hong Kong & Shanghai Banking Corporation Malaysia and Mr. Abrar A. Anwar, CEO of Standard Chartered Bank Malaysia taking part in the official signing ceremony for the Development Financing Facility. Witnessing the signing was Yang Berhormat Tuan Lim Guan Eng, Minister of Finance, Malaysia and Mr. Steve McCann, Group CEO and MD of Lendlease.

The Exchange TRX, formerly known as the Lifestyle Quarter, was officiated by The Honourable YB Lim Guan Eng, the Finance Minister of Malaysia. The Exchange TRX is a joint venture development by Lendlease and TRX City Sdn Bhd, which is wholly owned by the Ministry of Finance (MoF). It is the centrepiece of the upcoming 70-acre international financial district Tun Razak Exchange (TRX).

The 17-acre joint venture development will comprise a hotel, a grade A office, residential apartments, retail and leisure offerings, all integrated with a new 10-acre city park. It brings to life the ‘experience economy’, where quality of place and focus on people is at the forefront of design.

The investment by Lendlease and the commitment of the major global banks (Hongkong and Shanghai Banking Corporation (HSBC), Standard Chartered Bank (SCB), Sumitomo Mitsui Banking Corporation (SMBC) and Malayan Banking Berhad (MBB or Maybank)) demonstrates the international business and financial community’s confidence in the development. It also will be occupied by three main anchor tenants, which are Seibu Dept Store of Japan, Australia’s Dairy Farm supermarket and cinema operator GSC.

(L to R) His Excellency Mr. Andrew Goledzinowski, Australian High Commissioner to Malaysia, Mr Kevin Davies, MD, Client Coverage of Maybank, Mr Tetsuya Kainaka, President and CEO of Sumitomo Mitsui Banking Corporation, Yang Berbahagia Dato’ Azmar Talib, CEO of TRX City Sdn Bhd, The Honourable Minister of Finance, Malaysia, Yang Berhormat Tuan Lim Guan Eng, Mr. Steve McCann, Group CEO and MD of Lendlease, Mr. Stuart Milne, CEO of Hong Kong & Shanghai Banking Corporation Malaysia, Mr. Abrar A. Anwar, CEO of Standard Chartered Bank Malaysia, Mr. Tony Lombardo, CEO of Lendlease Asia, Yang Berbahagia Dato’ Asri Hamidon, Chairman of TRX City Sdn Bhd and Mr. Dinesh Nambiar, Chairman of Lendlease Malaysia at the launch of The Exchange TRX precinct.

Speaking at the ceremony, Tony Lombardo, Lendlease’s CEO Asia said, “This is a unique opportunity that reflects the very best of modern city design, combining living, working and leisure uses, with excellent public transport and technology. It will create a new destination for the city and be a showcase for Malaysia.”

“We are confident in the future of Malaysia and congratulate the Government on their vision and drive to realise this landmark project. This is a global priority project for Lendlease and by working with TRX City, we bring together the best of both local and international expertise to realise this world-class destination for Kuala Lumpur”, said Lombardo.

The Finance Minister YB Lim Guan Eng, in his speech at the launch, noted the financing agreement was based purely on the strength of the project alone, without any new guarantees from the Government.

“I am pleased with the progress at TRX that I see today. It is the fruits of reforms currently being carried out by the Government of the day. I hope this launch today 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,” said the Finance Minister.

“Lendlease’s decision to proceed with the project shows its confidence in the government’s commitment to the Competent, Accountability, and Transparency (CAT) Principles, towards building a corruption-free Malaysia. It is also a vote of confidence for the government’s efforts towards restoring Malaysia’s fiscal position,” he said.

(Left) Mr. Steve McCann, CEO and MD of Lendlease and (Right) Dato’ Azmar Talib, CEO of TRX City presenting the model of The Exchange TRX to Yang Berhormat Lim Guan Eng during the launch of The Exchange TRX precinct.

Dato’ Azmar Talib, Chief Executive Officer of TRX City Sdn Bhd, stated that “2019 is indeed going to be a big year for TRX, as we will start opening our doors to our first tenant in the second quarter of this year. The broader TRX is a significant public-private project of national importance, bringing together best practices in economic, social and environmental development. As Malaysia’s first international financial district and Kuala Lumpur’s future CBD, TRX will strengthen Kuala Lumpur’s position as a leading centre for international finance and business by creating a seamless and central business environment for financial services firms, multinational companies (MNCs) and other businesses.”

The completion value of the entire TRX development is estimated to exceed RM40 billion.

Its lifestyle precinct, The Exchange TRX, has a forecast end value in excess of RM9.0 billion (A$3.1 billion), and brings to life the ‘experience economy’, where quality of place and focus on people is at the forefront of design.

(Centre) Mr. Steve McCann, CEO & MD of Lendlease and Dato’ Azmar Talib, CEO of TRX City (Far left), sharing with Yang Berhormat Tuan Lim Guan Eng, Minister of Finance, Malaysia, about The Exchange TRX, prior to the launch.