KUALA LUMPUR: TRX City Sdn Bhd, the master developer of Tun Razak Exchange (TRX), is in no hurry to sell the remaining 30 per cent of its 28.33-ha land, a move that will likely boost the project’s gross development value (GDV) to more than the estimated RM40 billion.
The firm has sold about 70 per cent of the total land to Lendlease, Mulia Property Development, HSBC, CORE Precious Development, Affin Bank Bhd, IJM Corp Bhd and Urusharta Jemaah Sdn Bhd.
TRX City chief executive officer Datuk Azmar Talib said the firm was looking to maximise the land value by pacing(down) the remaining land sales despite many investors, local and international, knocking on its door.
“If we sell now, then we lose the upside(potentially greater gains later). The upside is too tight now. We can’t develop the whole thing at one go. We also need to allow space for infrastructure construction and logistics,” he told press after the signing ceremony of common estate agreement (CEA) between TRX City and its partners and investors, here today.
“We are not in a hurry. If the market is not good, why would we sell now? Our task now is to complete the infrastructure this year. There are a lot of people (investors) that came and knocked on our door but it has to be on an open tender,” he added.
Azmar said the project has the potential to command higher than the RM40 billion GDV earlier estimated.
“We are building less than half of the total space but the GDV that we have got now is more than half of RM40 billion," he said.
TRX City has signed a CEA with the seven TRX plot owners to ensure the long term maintenance, management and services provided for TRX’s infrastructure, public realms and other common facilities.
Meanwhile Federal Territories Minister Khalid Samad who was present at the ceremony said the government expects the mammoth development’s economic footprint to reach far beyond the confines of its 70-acre space and benefit the capital as a whole which he claimed had missed out on many opportunities in becoming a truly city.
Khalid also said the financial district was poised to be a timeless development benefitting the whole of Greater KL for years to come.
He said among the unique features is that the TRX MRT interchange serviced both MRT Line 1 and 2.
“Along with the seamless road connectivity and a porous border that invites people in, these are certain to help TRX become the next destination for Kuala Lumpur,” said Khalid, adding that facilities such as its City Park, public plazas and upgraded surrounding streetscapes also boosted the liveability of surrounding areas.
He hence projected that areas such as Imbi and Pudu would be rejuvenated to increase the vitality in KL’s Golden Triangle.
He said the 10-acre City Park at the heart of TRX also has the potential to be one of the leading public parks in the region.
The park, which is at the Exchange TRX mall, will have open green space, sports and children’s play facilities, open air dining and venue for concerts and cultural celebrations.
“We hope the park, which will belong to DBKL and maintained by TRX, will be a future pride of Kuala Lumpur.”