Lend Lease has been chosen, with CBRE involved in the selection process, as a major joint venture partner for the Lifestyle Quarter of the Tun Razak Exchange (TRX), Kuala Lumpur’s upcoming financial district.
CBRE is also an advisor to 1MDB Real Estate (1MDB RE), a strategic development company owned by the Malaysian government.
1MDB RE and Lend Lease have signed an agreement to work together to finalise the joint venture documentation and to start work on the TRX Lifestyle Quarter.
Lend Lease was picked from a pool of international and local bidders. Working together with 1MDB RE, CBRE Malaysia and CBRE Capital Advisors Asia Pacific led the international Expression of Interest exercise from start to end, including leading and managing the bidding, due diligence, and negotiation processes.
“CBRE was able to assist in finding the most suitable investors from around the world because of our unique platform and collaboration between the local Malaysia team and the Capital Advisors team,” said Nick Crockett, Executive Director, CBRE, Capital Advisors, Asia Pacific.
CEO for Lend Lease in Asia, Rod Leaver, added, “It is an honour to be presented with the opportunity to collaborate in this nation-defining development, leveraging Lend Lease’s global capabilities in partnering with national and city governments in major cities around the world to redevelop large scale urban regeneration projects.”
With a development period of about 15 years, the TRX is a 70-acre mixed-use development which will encompass a new international financial and business district.
The Lifestyle Quarter in TRX is a mixed-use development of over 17 acres comprising a hotel, three residential towers and a new mall, and construction is slated to begin in early 2015.
Image: 1MDB RE and Lease Asia execs at the signing ceremony to develop the TRX Lifestyle Quarter.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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