Bookmark & Share
Kuala Lumpur’s Tun Razak Exchange (TRX) master developer, 1MDB Real Estate (1MDB RE), and international property group Lend Lease have sealed their partnership to develop the Lifestyle Quarter in the city’s upcoming international financial district, the firms said in a joint statement Thursday (19 March).
Both parties on Thursday signed joint venture agreements as well as a sale and purchase agreement in the presence of the
Prime Minister of Malaysia Dato’ Sri Mohd Najib Tun Abdul Razak, following the signing of the Master Framework Agreement last October.
The Lifestyle Quarter has a forecast gross development value of over MYR8 billion (S$2.98 billion) upon completion. Lend Lease will own 60 percent of the partnership and 1MBD, the remaining 40 percent.
“With this Lifestyle Quarter partnership sealed, 1MDB RE will focus on delivering major infrastructure upgrades for TRX and the Imbi area with a view to accelerate the development of TRX to meet strong and tangible demand,” said 1MDB RE CEO Dato’ Azmar.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
Centrepoint to undergo S$50mil facelift