KUALA LUMPUR (Sept 14): Construction works for the Tun Razak Exchange (TRX) Lifestyle Quarter is now in full swing as Lendlease said it has received all relevant approvals for the next stage of the development.
In a statement today, the joint developer of the project said the approvals include the earthworks plan approval from the Kuala Lumpur City Hall (DBKL), which allowed construction works to commence in June this year.
It said the excavation has been completed following the removal of 700,000 cubic meters of rock and earth, while the piling works for the retail component is progressing well with almost 500 structural piles completed.
To date, The Exchange TRX — the retail component — has leased 26% of its retail space to include leading Japanese departmental store Seibu, an upscale supermarket brand by Dairy Farm Group of Hong Kong and a new concept in cinema and entertainment by Golden Screen Cinemas (GSC).
The Exchange TRX, which will be open for customers by 2020, will host over 500 shops, restaurants, entertainment and leisure experiences, it said.
"The Exchange TRX will provide new retail offerings including exciting food and beverage concepts, an entertainment precinct and a significant leisure focus; a well-connected and active residential development at the heart of the next financial hub; and unrivalled green spaces.
"This includes a 10-acre rooftop park with interactive public spaces embedded throughout the development that will play a huge role in contributing to one of the city's most highly anticipated destinations and create a new and exciting place for Kuala Lumpur and Malaysia," said TRX Lifestyle Quarter managing director Stuart Mendel.
Besides TRX, Lendlease said construction works for Phase 2 of Setia City Mall, which sits on a 14-acre parcel of land adjacent to the existing Setia City Mall, has commenced.
It expects the expanded Setia City Mall to serve more than 1.2 million visitors in the catchment, which will be supported by better connectivity to Bandar Setia Alam following the expected completion of key roads and highways in 2019.
Phase 2 will see an additional over 400,000 square feet of retail floor space, with approximately 200 shops. One of the largest Middle East-based retailers, LULU, will occupy close to 35% of the retail space.
With the extension, Setia City Mall will have a total of over 430 shops and 4,000 car park spaces. The mall is targeted for opening in 2019.
"Malaysia remains as a key market for Lendlease in Asia with the potential for continued investment based on demography, stability and the growing economy," said Lendlease managing director and head of country Dinesh Nambiar.
"Lendlease looks across the globe to identify developments that have scale and national significance to their city markets where we can bring our capital, skills and experience.
"This fits into our strategy where we see urban migration and changing lifestyles redefining cities and the way we live, work and spend our leisure time. Cities are increasingly about creating places where communities can enjoy the lifestyle they seek and have access to an array of lifestyle choices," he added.