1MDB Real Estate and international property group Lend Lease have signed a MYR8bn ($2.1bn) deal to develop the upcoming international financial district Tun Razak Exchange’s (TRX) Lifestyle Quarter in Kuala Lumpur.
The companies previously signed an initial master framework agreement in October 2014.
Upon completion, Lend Lease will own 60% of the partnership, with 1MDB RE holding the remaining 40%.
Retail-led, mixed-use development Lifestyle Quarter at TRX will spread across 17 acres and feature a new shopping mall, residential towers and a hotel connected to a multi-layer central park and MRT station in Kuala Lumpur.
Forming the heart of the TRX precinct, the Lifestyle Quarter aims to provide a series of modern lifestyle experiences.
1MDB Real Estate CEO Dato’ Azmar Talib said: "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."
Lend Lease in Asia CEO Rod Leaver said: "We are pleased to complete the negotiations and continue the journey to 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."
Following an invitation to participate as a strategic development partner in TRX, Lend Lease was selected from a pool of international and local bidders to partner with 1MDB in the latest development in June 2014.
Lend Lease has also completed various projects in Malaysia, including the iconic Petronas Twin Towers, Setia City Mall and the recentl Pinewood Iskandar Malaysia Studios.
Image: 1MDB and Lend Lease officials at the signing ceremony for Lifestyle Quarter. Photo: courtesy of 1MDB Real Estate.