This article first appeared in The Edge Financial Daily on February 22, 2019
Kuala Lumpur: TRX City Sdn Bhd (TRXC) chief executive officer (CEO) Datuk Azmar Talib said the group has received 10% of the RM2.8 billion allocated for the Tun Razak Exchange (TRX) project by the ministry of finance (MoF).
Speaking to reporters after the common estate agreement signing ceremony yesterday, Azmar said the RM2.8 billion would be doled out by the government in tranches.
“It is not given in one go. We have to submit a monthly report and request [for the money], and they will give it to us as and when required,” he said.
The infrastructure for the first phase of the TRX would be completed by the third quarter of this year (3Q19), according to Azmar.
Azmar then said 70% of the project had been sold, but noting that the project is not in a rush to complete the remaining 30% as construction logistics needed to be attended to.
“The site is very tight . We can’t develop the site in one go as we need to lay down space for construction logistics”
He said that HSBC Bank Malaysia Bhd, Lendlease Malaysia, Urusharta Jamaah Sdn Bhd, Mulia Group, Affin Bank Bhd, Core Precious Development Sdn Bhd and Fairview Valley Sdn Bhd held 70% of the land at TRX.