Lend Lease to partner in $2bn Malaysia project
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Australia’s Lend Lease has signed up to develop a new retail and residential development in Malaysia.
Lend Lease will have a 60 per cent stake in The Lifestyle Quarter with local developer 1MDB Real Estate the balance.
1MDB is the master developer for an upcoming international financial district called Tun Razak Exchange. The Lifestyle Quarter will be a retail‐led, mixed‐use development of over 17 acres comprising a new retail mall, several residential towers and a hotel connected to a multilayer central park and the largest MRT station in Kuala Lumpur. When completed it will have a Gross Development Value estimated at MYR 8 billion (US$2.156 billion).
The two companies signed a Master Framework Agreement last October, and late last week signed a formal JV agreement in the presence of Malaysia’s Prime Minister Dato’ Sri Mohd Najib Tun Abdul Razak.
Lend Lease Asia CEO Rod Leaver, said the two companies will transform TRX into “an iconic destination”.
“With our global track record in large scale urban regeneration in partnership with national and city governments, coupled with our over 35 year history in Malaysia, we are confident of making the TRX Lifestyle Quarter an outstanding success with our partner.”
TRX aims to become a global hub for international finance and business.
Lend Lease has a growing portfolio of property interests in Malaysia, the most recent being Setia City Mall.
The company was selected from a pool of international and local bidders to partner with 1MDB RE in the Lifestyle Quarter development following an invitation to participate as a strategic development partner.
The Lifestyle Quarter will form the social heart of the TRX precinct. It aims to offer a series of modern lifestyle experiences and set new benchmarks not only in terms of design, but for the types of retailers, dining establishments, outdoor spaces, leisure activities and entertainment options it provides.
TRX will be one of the largest developments in Lend Lease’s current portfolio of global projects.
Questions & Answers
Q.What will be included in The Lifestyle Quarter development?
What will be included in The Lifestyle Quarter development?
The Lifestyle Quarter will be a mixed-use development featuring a new retail mall, several residential towers, and a hotel. It will be connected to a multilayer central park and Kuala Lumpur's largest MRT station.
Q.What is the estimated value of the project upon completion?
What is the estimated value of the project upon completion?
When completed, The Lifestyle Quarter will have an estimated Gross Development Value of MYR 8 billion, which is equivalent to US$2.156 billion.
Q.How was Lend Lease chosen for this partnership?
How was Lend Lease chosen for this partnership?
Lend Lease was selected as a strategic development partner after being invited to participate. The company was chosen from a pool of international and local bidders.
Q.What is the overall goal for the Tun Razak Exchange precinct?
What is the overall goal for the Tun Razak Exchange precinct?
The Tun Razak Exchange (TRX) precinct aims to become a global hub for international finance and business. The Lifestyle Quarter is intended to be its social heart.
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