On-going projects at The Exchange TRX doing well, says Lendlease

Sydney-based property developer Lendlease Group will continue to focus on making Malaysia an important operation in Southeast Asia.

Lendlease Malaysia managing director and country head Stuart Mendel said that despite the Covid-19 pandemic, its on-going projects at The Exchange TRX in Kuala Lumpur were progressing well.

The company is developing The Exchange TRX in a 60:40 joint venture (JV) with TRX City Sdn Bhd, the master developer of the upcoming international financial district Tun Razak Exchange (TRX).

The Exchange TRX is a mixed-used development on 17 acres. It comprises residential towers, a low-rise campus-style office block, a 1.3 million sq ft retail mall, and Malaysia’s first Kimpton Hotel.

Mendel said the 57-storey, 453-unit Tower B of TRX Residences, which offers six residential towers and is part of The Exchange TRX, had seen a good take-up rate.

Tower B was launched last year, after the positive response to the 53-storey, 443-unit Tower A.

It was reported that all the non-Bumiputera units in Tower A had been taken up.

The built-ups of these units range from 474 to 3,854 sq ft, and they are selling from RM970,000.

Mendel said Lendlease was currently negotiating with potential tenants for its retail development.

Both the residences and the retail project are scheduled to be completed next year, he said during a press conference here today, to announce the company’s commitment to climate change.

Mendel said the latest Movement Control Order (MCO) has not had a material change to the company’s progress on-site.

Meanwhile, Lendlease is keen to participate in mega projects in Malaysia and position its footprint long term here, reported Bernama.

Its chief executive officer (Asia) Tony Lombardo said the company is looking at two to three projects but it would depend on how the government is progressing its strategy around its planning and requirements for the developments.

Lendlease Malaysia sustainability director Yasmin Rasyid said the company was committed to building climate resilience at The Exchange TRX.

Last year Lendlease launched global goals of achieving net-zero carbon by 2025 and absolute zero carbon by 2040.

The company is also committing to the creation of A$250 million (about RM800 million) of social value by 2025 through shared value partnerships.

Lendlease has integrated climate resilience and community adaptation into the design, construction, and future asset operations, incorporating features to reduce the vulnerability of The Exchange TRX to climate changes and increasing the adaptive capacity and resilience of its community.

Source: NST