KUALA LUMPUR: 1MDB Real Estate Sdn Bhd (1MDB RE), the property arm of
1Malaysia Development Bhd (1MDB), has invited contractors to participate in the
pre-qualification exercise for infrastructure and internal roadway works for the
Tun Razak Exchange (TRX) development in Jalan Tun Razak.
“The next packages of work would extend to the roadwork and tunnels to
support our key infrastructure, including underground road structures,
installation of buried utilities, and both at-grade and elevated roadways,” said
1MDB RE chief executive officer Datuk Azmar Talib, in a statement yesterday.
The pre-qualification will shortlist companies for the tender stage for the new
phase of TRX construction. According to 1MDB RE, the TRX site is currently
undergoing earthworks, which involve a four-storey deep excavation for the
underground basement level. This is expected to be completed in the first half
of 2015.
The initial phase of the TRX development will include the “lifestyle quarter”
— a retail-led mixed-used development of over 17 acres (6.87ha) of land.
Australia-based property and infrastructure group Lend Lease was chosen to be
the development partner for the lifestyle quarter. 1MDB RE has said the
lifestyle quarter alone is expected to attract up to US$1 billion (RM3.25
billion) in foreign direct investments.
On Wednesday, The Edge Financial Daily reported that major global investors
from Qatar and Abu Dhabi were considering withdrawing from 1MDB RE projects such
as TRX and Bandar Malaysia. The reasons cited by a source close to the matter
were the lack of transparency in the project’s planning and its slow progress.
It was also reported that there had been several changes to TRX’s master plan
and this has led to delays in the project.
Azmar Talib said 1MDB RE is “in the final stages of discussions with several
other international and local investors”.
He maintained that the company has “remained faithful to the master plan” of
the development, “other than some additional enhancement meant for the
surrounding neighbourhoods”.
Azmar Talib said TRX will develop its first office tower soon. 1MDB RE had
last week signed a 20-year concession agreement with Veolia Water Technologies
Southeast Asia for waste water treatment and recycled water supply for the TRX
project, he added.
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