KUALA LUMPUR (June 28): There appears to be a sense of “renewed confidence” in the Tun Razak Exchange (TRX) development, following the country’s 14th general election (GE14) that saw a change in government for the first time in Malaysia since its independence from the British colony, according to the project owner and master developer TRX City Sdn Bhd.
“The outlook for TRX remains strong and also with the renewed confidence in Malaysia, post GE14. Tun Dr Mahathir has assured that Malaysia will continue to be an open economy that welcomes high quality FDI to drive economic growth. This has been positively received by investors," said TRX City chief executive officer Datuk Azmar Taib.
“I’ve spoken to investors, both foreign and local are keen to be part of TRX. They have expressed their confidence in the government’s pro-business stance and direction, and also the future prospect of Malaysia,” Azmar told a media briefing on the updates for the project today.
The new government’s commitment to inject another RM2.8 billion for the project has also boosted investors’ confidence and bolstered the company’s capacity to deliver all aspects of the development.
The continued support for the TRX project, as announced by the Ministry of Finance (MoF), proves TRX is a viable development for the country, Azmar said, while reiterating international investors such as HSBC Malaysia, Lendlease and Mulia Property Development have all invested over RM1 billion each into the TRX project.
Azmar also said there has continued to be numerous enquiries from both local and foreign parties about the project, which indicates its association with the scandal-ridden 1Malaysia Development Bhd has not deterred investors' interest.
“We're looking at a few parties [who are keen] to invest in TRX. However, we can’t reveal who they are, as we're still in negotiations,” he added.
Phase 1 of TRX comprises The Exchange 106 and Menara Prudential, both of which according to Azmar are slated for occupancy early next year. To-date, 80% of Phase 1's infrastructure is completed. "We expect full completion in time for the opening of the two buildings,” Azmar added.
Both The Exchange 106 and Menara Prudential are expected to be completed by the first quarter of next year.
Phase 2 of the project which comprises the public plaza, streetscapes and the 10-acre Central Park will be completed by 2020, in line with the opening of the Exchange Mall and the new headquarters for HSBC Malaysia and Affin Bank.