Lend Lease to develop 17 acres of new Malaysian financial district

Lend Lease will move ahead with developing the “Lifestyle Quarter”, a 17-acre section of a new financial district in the Malaysian capital Kuala Lumpur, called Tun Razak Exchange (TRX). 

A retail-led mixed-use development, the Lifestyle Quarter has a forecast gross development value of $1.4bn of which Lend Lease owns 60% in partnership with Malaysian state-owned real estate company, 1MDB. 

The two companies announced the conclusion of negotiations yesterday after signing a framework agreement for the project last October. 

The quarter will have a new mall, residential towers and a hotel connected to a multi-layer central park, plus the largest MRT station in the city. 

Rod Leaver, CEO for Lend Lease in Asia, said TRX would be “an iconic destination”, and that he was pleased negotiations have concluded. 

Lend Lease previously worked on Malaysian projects including the Petronas Twin Towers and, most recently, Pinewood Iskandar Malaysia Studios. 

Lend Lease and Bouygues were recently awarded a US$2bn Sydney tunnel deal. 

Image: The Tun Razak Exchange (Wikimedia Commons)