PETALING JAYA (March 18): The Exchange Mall within the RM8 billion TRX Lifestyle Quarter project in the RM40 billion Tun Razak Exchange (TRX) mega-development in Kuala Lumpur is scheduled to open in 1H2019.

According to Lendlease Malaysia managing director and country head Dinesh Nambiar, TRX Lifestyle Quarter will be a retail-led development comprising a hotel, six residential towers and a mall, which will be the first component to be built.

The 4-storey mall will feature 500 retail lots with a net lettable area of 1.35 million sq ft and about 3,000 parking bays.

“We are talking to a number of leading local and international operators to come in as major anchor tenants and key tenants for other locations,” he told City & Country.

The six 40- to 55-storey residential towers will house 2,000 units and more than 2,400 parking bays. They are likely to be launched this year with the handover of the first tower expected in 2020. Selling price and built-ups have yet to be finalised.

“Given the central and well-connected location, as well as the significant on-site amenities and offerings, we are targeting a diverse market for the residential units.

“We are likely to attract young professionals and families, as well as local and international investors. This will be a compelling proposition for young people as their first home of ‘downsizers’ who want to move back to the city,” said Nambiar.

The last component to be built will be the hotel, which is Lendlease’s first in the country and will be managed by an external operator.

“We are looking to partner an operator and/or co-investor. We’ve talked to a number of the world’s leading hotel investors and operators. There is strong interest in a premium hotel in this location,” added Nambiar.

Lendlease entered a joint-venture (JV) with the master developer of TRX, TRX City Sdn Bhd (previously known as 1MDB Real Estate Sdn Bhd) — the property arm of 1Malaysia Development Bhd in 2015 and has a 60% stake in the JV.