This article first appeared in The Edge Financial Daily on July 13, 2018

KUALA LUMUR: WCT Holdings Bhd has secured a contract worth up to RM555 million from Lendlease Projects (M) Sdn Bhd for a mixed development at the Tun Razak Exchange (TRX) Lifestyle Quarter.

WCT said the two-year contract, awarded to its wholly-owned subsidiary WCT Bhd (WCTB), includes the construction of a four-level shopping complex, three-level car park and an open landscape with retail space.

The award is subject to the terms of a preliminary works agreement (PWA) executed between Lendlease and WCTB yesterday, and the execution of a trade contract prior to Oct 10.

Under the PWA, WCTB is required to undertake certain preliminary works such as the procurement of performance bond and the relevant insurance, commencement of mobilisation activities, mobilisation of project staff, plants and equipment, and sending of notification to local authorities.

WCTB is entitled to be paid up to a maximum RM27.75 million for carrying out the preliminary works.

The Lifestyle Quarter is a 17-acre (6.87ha) retail-led mixed use development that will be delivered by a joint venture between the Australian property and infrastructure group Lendlease (60%), and TRX City Sdn Bhd (40%), a wholly-owned subsidiary of the finance ministry.

Lendlease is the development and construction manager for the Lifestyle Quarter project, which comprises a luxury hotel, six residential towers and a large-scale retail destination connected to the TRX Park, with a dedicated Mass Rapid Transport (MRT) station.

In a separate statement, Lendlease said the contract demonstrates Lendlease and TRX City’s support for Malaysian businesses in delivering high-quality city development, which will provide thousands of new jobs, leading technology and international standards of design contributing to the future of Kuala Lumpur.

“We are fully committed to TRX and have a proven track record of working with government authorities and industry peers to ensure our global expertise in development, construction, safety and sustainability can benefit the industry,” said Stuart Mendel, managing director of Lendlease Malaysia.

TRX City chief executive officer Datuk Azmar Talib said significant progress has been made on TRX.

“[We] welcome the ongoing commitment from international investors like Lendlease. We will be working closely together to deliver a high-quality city district for the benefit of Malaysia and all Malaysians,” he said.