Sydney-based property development firm Lend Lease and 1Malaysia Development Bhd (1MDB) Real Estate have partnered to jointly develop the TRX Lifestyle Quarter, a retail-led mixed-use development in Kuala Lumpur, Malaysia.
The TRX Lifestyle Quarter will be part of Kuala Lumpur's upcoming financial district, the Tun Razak Exchange (TRX).
Spread over an area of 17 acres, the quarter will feature a hotel, three residential towers and a new retail mall that will be connected to TRX's multi-layer central park and the underground MRT station.
The development of the lifestyle quarter is expected to attract around $1bn in foreign investments to Malaysia, claims the company.
Lend Lease, which will hold the majority stake in the joint venture, will be responsible for development, project management, construction and asset and property management of the project.
1MDB Real Estate CEO Dato Azmar Talib said that Lend Lease's concept of next-generation retail is distinctive and will be a landmark in Malaysia, integrating the retail and public realms, creating the right lifestyle for their vision of a liveable financial centre.
1MDB Group CEO Mohd Hazem Abd Rahman said that attracting a global brand like Lend Lease is clear evidence of the potential and international appeal of TRX.
"We are very excited to move forward; a project of this scale will bring many spill-over benefits to the local economy," Rahman said.
The TRX Lifestyle Quarter is expected to have a gross development value of more than RMB8bn ($2.49bn).
The initial phase of the TRX construction is scheduled to begin in early 2015.