KUALA LUMPUR: Australian-listed Lendlease and TRX City Sdn Bhd (TRXC), which are co-developing the Lifestyle Quarter development at the Tun Razak Exchange (TRX), have secured a RM2.15bil financing facility for a period of five years.
The financing facility was secured from the consortium of HSBC, Maybank, Standard Chartered and Sumitomo Mitsui Banking Corp.
At a financing facility signing ceremony today, Finance Minister Lim Guan Eng said that the arrangement between the joint venture parties and the bank is a unique financing structure for such a complicated asset.
The Lifestyle Quarter is a mixed integrated development and is a 60:40 joint venture between Lendlease and TRXC.
The 17-acre development comprises residential, entertainment, leisure, public park, hotel and retail components.
The Lifestyle Quarter is expected to be completed in 2020/2021.
TRXC is the master developer of TRX.
Because TRXC is a wholly-owned subsidiary of the Finance Ministry, this means the government owns 40% of The Lifestyle Quarter.
With an estimated gross development value of RM40bil, the TRX development will have about 30 buildings located on 70 acres of prime land in Kuala Lumpur.
The entire TRX project is slated for completion by 2024.
Source: The Star