KUALA LUMPUR (April 17): TRX City Sdn Bhd, the master developer of the 70-acre Tun Razak Exchange (TRX), has received the green light to begin construction of a new office tower that will have PricewaterhouseCoopers Malaysia Holdings Sdn Bhd (PwC Malaysia) as its anchor tenant.
TRX City chief executive officer Datuk Seri Azmar Talib said the development is part of the project’s long-term strategy to cement TRX as a premier international financial district.
“TRX is a mission-driven development aimed at creating a global financial hub. We’ve always taken a long-term view — it’s not a short-term initiative. That’s why so many aspects of this project are developed by design, not by default,” Azmar said during a panel session at the 32nd National Real Estate Convention (NREC) on Thursday.
The Edge Malaysia first reported in its Dec 9-15, 2024 issue that TRX City was going to build the new office tower, and that it had secured PwC Malaysia as its anchor tenant. Expected to offer a net lettable area of 800,000 sq ft, the weekly wrote that it would be built on Lot C7-10, adjacent to Menara IQ, HSBC Malaysia’s headquarters.
TRX City confirmed the news last Dec 12, when it announced that PwC Malaysia had signed a binding commitment to move its headquarters to the new tower, which will be in its financial quarter next to The Exchange 106. The building is slated for opening in 2029.
The Exchange 106 is currently the only office tower under TRX City that was purpose-built for office use, and the development has seen steady growth in occupancy rates, Azmar said on Thursday. “We completed The Exchange 106 in 2019 with only 18% occupancy. Today, we’ve reached 62%, and we are targeting 70% by year end," he said.
Once the second office tower is operational, PwC Malaysia will join the professional community within TRX City's flagship area, which hosts global financial brands including HSBC, Prudential, Principal Asset Management, Bin Zayed International, and MUFG Investor Services; technology and fintech giants such as Apple, Huawei, MoneyLion, and Ant International; and local institutions such as Affin Bank Malaysia and Digital Nasional Bhd.
Azmar said TRX’s infrastructure is fully completed, while about 60% of the area within TRX is developed, leaving room for further development.
“Our strategy has always been about managing the ecosystem carefully," he added.