KUALA LUMPUR: Tun Razak Exchange (TRX), Kuala Lumpur’s upcoming international financial district, announced today that it has signed Indonesia’s leading property developer Mulia Group on board to develop its Signature Tower.
This follows the signing of the Sale and Purchase agreement between 1MDB Real Estate Sdn Bhd (1MDB RE), the master developer of TRX, and the Mulia Group for the development rights of the plot. The land transaction is valued at RM665 million.
1MDB RE Chief Executive Officer Dato’ Azmar Talib said, “We are pleased to have the Mulia Group on board towards realising the potential of the Tun Razak Exchange. This significant investment underscores foreign investor confidence in Malaysia.”
The Mulia Group, which has a leading market share for premium commercial properties in Jakarta, developed, owns and manages seven premier office buildings in Jakarta's central business district, including the Wisma Mulia 1 and 2.
Wisma Mulia 1 and 2 are ranked amongst Jakarta’s tallest and most prestigious office buildings that together house key global and local blue-chip companies in Indonesia. The Mulia group has also developed and managed internationally renowned hotels, and residential and shopping mall properties.
Eka Tjandranegara, President Director and owner of the Mulia Group said, “As one of the biggest commercial property developers in Indonesia, we are excited to be embarking on this project to develop the Signature Tower to become the new landmark of Kuala Lumpur city. Our Mulia Group wishes to be an integral part of this iconic state-of-the-art development not only for Malaysia but for the region and beyond."
“We see TRX’s potential to further develop the city’s role as a financial capital, and the Tun Razak Exchange aids our growth and expansion plans. I am committed to personally seeing this project through, drawing from our vast experience.”
The Mulia Group’s properties also include their award-winning Hotel Mulia Bali which essentially comprises of The Mulia, Mulia Resort & Villas in Nusa Dua, Bali. In the past two years, the resorts have been awarded six prestigious awards by Condé Nast, with the latest award placing Mulia Bali as the #1 Beach Resort in the World.
The landmark Signature Tower building will be a highly visible focal point for TRX, targeted to be the best international business address in Kuala Lumpur. As it will be TRX's tallest building and have its largest floor plates, the tower is poised to be a Prime Grade A office space in Kuala Lumpur.
Mulia Group now joins the list of investors such as Lend Lease International, a global property and infrastructure group developing the RM8 billion Lifestyle Quarter; and Veolia Water Technologies, whose water management technology will halve potable water use in TRX.
TRX is investing significantly in its infrastructure to create a truly accessible world-class financial hub. Tenants are expected to enjoy unrivalled connectivity to the city centre and the rest of Greater KL, being a few steps away from the largest integrated underground MRT interchange station.
The MRT will connect TRX to the upcoming High Speed Rail terminus station at Bandar Malaysia, linking TRX to Singapore’s financial centre.
TRX will also have direct link to key roads and major highways such as SMART, MEX, Jalan Tun Razak and Jalan Sultan Ismail. It is working with Dewan Bandaraya Kuala Lumpur in uplifting the Imbi area, by upgrading surrounding streetscapes and constructing a pedestrian avenue that connects TRX with the Bukit Bintang shopping district.