Construction of HSBC HQ in TRX ahead of schedule

KUALA LUMPUR (June 26): HSBC Bank Malaysia Bhd (HSBC) is happy with the construction of its headquarters building in the Tun Razak Exchange (TRX) (pictured), said chief executive officer Stuart Milne. 

“We are very happy with the progress and we will be moving in part of our businesses by December 2020,” Bernama reported Milne as saying.

Milne also said that initial operations will begin in December 2020. 

"This commitment is a very significant one, as we have invested more than US$250 million or RM1 billion in our headquarters. 

“The project is well advanced and the government has made what is clearly a very sensible decision, which is to ensure that the project gets completed according to plan,” said Milne

He also added that the government has recognised that the TRX is a good project.

On June 21, Finance Minister Lim Guan Eng announced that Putrajaya will rescue the 70-acre development in Kuala Lumpur, agreeing to inject RM2.8 billion of new capital into the project, which was mooted by the previous administration, to avoid bigger losses.

The money would be released in stages up until 2024, with RM344 million to be disbursed starting this year.

According to Lim, TRX City Sdn Bhd, a wholly-owned subsidiary of the ministry of finance and master developer of the TRX project, does not have the funds for infrastructure works to complete the project and had sought financial assistance from the government.

“This decision will help allay concerns among the local and foreign investors, who have put in billions of ringgit, on the fate of TRXC,” Lim said.