Development of TRX Lifestyle Quarter now in full swing — Lendlease

KUALA LUMPUR (Sept 15): Construction works for the Tun Razak Exchange (TRX) Lifestyle Quarter is now in full swing as Lendlease, the joint developer of the project, said it has received all relevant approvals for the next stage of development.

In a statement yesterday, the Australia-listed property and infrastructure group said the approvals obtained include 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 cu m of rock and earth, while the piling works for the retail component are 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 open for customers by 2020, will host over 500 shops, restaurants, entertainment and leisure experiences, it said.

Besides TRX, Lendlease said construction works for Phase 2 of Setia City Mall, which sits on a 14-acre (5.66ha) parcel of land adjacent to the existing Setia City Mall, has commenced, and will see an addition of over 400,000 sq ft of retail floor space, with about 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 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.

This article first appeared in The Edge Financial Daily, on Sept 15, 2017.

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