Key Lendlease projects in Malaysia have achieved significant milestones that reinforces the Group’s confidence in the growing market and commitment to develop large scale sustainable projects locally.
With the global expertise of the Tun Razak Exchange (TRX), Lendlease is working with TRX City Sdn Bhd to enhance Kuala Lumpur’s role as a major business and financial hub serving all of Malaysia and South East Asia. Similarly, Setia City Mall is entering its next phase of expansion, which is expected to cover a wider catchment area when completed in 2019.
TRX Lifestyle Quarter works in full swing
Since Lendlease received all approvals from TRX Lifestyle Quarter, the Group plans to focus to the next stage, which includes the Earthworks Plan Approval from the Kuala Lumpur City Hall (DBKL) and proceed with construction.
With the approvals, works at the TRX Lifestyle Quarter is in full swing, comprising of a 17-acre mixed use development that features a new city centre retail mall, six residential towers, a luxury hotel and park.
The TRX Lifestyle Quarter project offers a large scale retail destination with over 1.3 million square feet of Nett Lettable Area. On the leasing front of the retail component, the Exchange TRX has to date leased 26% of its retail space to include Seibu, a new-to-market leading Japanese departmental store, an upscale supermarket brand by Dairy Farm Group of Hong Kong, as well as a new concept in cinema and entertainment by Golden Screen Cinemas (GSC).
Seibu will be bringing a well-known Japanese branded touch to The Exchange TRX, offering visitors a new shopping experience. The Exchange TRX will host over 500 shops, restaurants, entertainment and leisure experiences, revolutionising retail destinations in Malaysia, and will be open for customers by 2020.
“The Exchange TRX will provide new retail offerings, which also includes a well-connected, active residential development at the heart of the next financial hub, featuring a 10-acre rooftop park with interactive public spaces embedded throughout the development. I believe it will play a huge role in contributing to one of the city’s most highly anticipated destinations and create a new and exciting place for Kuala Lumpur and Malaysia,” states Stuart Mendel, Managing Director of the TRX Lifestyle Quarter.
Setia City Mall Phase 2 starts construction
Apart from the TRX Lifestyle Quarter, Lendlease has also commenced construction on Phase 2 of Setia City Mall, which sits on a 14-acre land adjacent to the existing Setia City Mall. The expanded Setia City Mall will serve the Bandar Setia Alam master planned township that is forecasted to grow in population to 660,000 by 2024.
Including the tertiary trading area, the expanded Setia City Mall will serve more than 1.2 million visitors in the catchment. With the expected completion of key roads and highways in 2019, connectivity to Bandar Setia Alam will be further enhanced to accommodate the expansion.
The Phase 2 extension (targeted to open in 2019) will add over 400,000 square feet of retail floor space, with approximately 200 shops, anchored by LULU, one of the largest Middle East based retailers operating a department store and supermarket and occupying close to 35% of the retail space.