Tun Razak Exchange (TRX)’s entire development has an estimated value of over RM40 billion. This is what it says about itself. Taken from the website. “TRX is an integrated 70-acre development that will be KL’s new CBD and Malaysia’s International Financial District.” If I remember correctly, it was in early 2018 when my business partner asked me about Tun Razak Exchange (TRX). He was a little doubtful about the purpose of having most financial institutions at one place. I told him that in all advanced countries of the world, when people talk about the Central Business District (CBD), there’s usually a financial district within it too. In Malaysia however, it’s sort of ‘everywhere…’ There are very clear answers when we google for central business district Sydney, Singapore or London. It’s time for Kuala Lumpur. By the way, our Finance Minister Lim Guan Eng gave a similar comment.
Article in NST.com.my here. Our Finance Minister Lim Guan Eng invited investors to take part in the development of the RM40 billion Tun Razak Exchange (TRX). He said, “This is the best time to be in Malaysia. I encourage you (investors) to take the opportunity to be part of Malaysia’s growth story before it is too late.” He added, “As they say, the early bird gets the worm. By the time we complete our reforms in three years, you will find it difficult to buy into the best assets Malaysia has to offer.” His encouragement continued when he said, “If you had yet to invest in Malaysia by then, I would hate to tell you I told you so.” Some of the reforms he was talking about include the adoption of open tenders, the establishment of Tax Reforms Committee, the proposed Government Procurement Act and Fiscal Responsibility Act as well as the ongoing migration towards accrual from cash-basis accounting. Article in NST.com.my here.
I like his confidence. I also wish TRX would put us onto the world map when it comes to a world class financial centre. Latest news about TRX is that it will be welcoming its first tenant by middle of 2019. (Congrats!) TRX City Sdn Bhd CEO Azmar Talib said the company would open its doors to tenants in the second quarter of the year. TRX has also launched a joint venture development known as The Exchange TRX with Australian property developer Lendlease. As for the glut of office space in the Klang Valley, Lendlease Asia CEO Tony Lombardo said that TRX financial district was different as it was a niche development and would not be affected. The project is expected to be completed in 2023. Full article in FreeMalaysiaToday.com here.
written on 13 Feb 2019
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