Singapore’s TRX Tower to be developed by Indonesia’a Mulia Group

Singapore 13 May 2015
Singapore’s TRX Tower to be developed by Indonesia’a Mulia Group

Indonesia leading property developer Mulia Group will develop the international financial district Tun Razak Exchange’s (TRX) landmark Signature Tower building.

TRX’s master developer 1MDB Real Estate Sdn Bhd and the Mulia Group signed a sale and purchase agreement for the development rights of the plot. The land transaction is valued at RM665mil.A joint statement released on Wednesday said the Signature Tower building will be a highly visible focal point for TRX.

As it will be TRX’s tallest building and have its largest floor plates, the tower is poised to be a Prime Grade A office space in Kuala Lumpur.

Mulia Group is the latest investor in the TRX after Lend Lease International, a global property and infrastructure group, which is developing the RM8bil Lifestyle Quarter. The other investor is Veolia Water Technologies, whose water management technology will halve potable water use in TRX.

Commenting on Mulia Group’s entry, 1MDB RE chief executive officer Datuk Azmar Talib said:

“We are pleased to have the Mulia Group on board towards realising the potential of the Tun Razak Exchange. This significant investment underscores foreign investor confidence in Malaysia.”

The Mulia Group, which has a leading market share for premium commercial properties in Jakarta, developed, owns and manages seven premier office buildings in Jakarta’s central business district, including the Wisma Mulia 1 and 2.

Wisma Mulia 1 and 2 are ranked amongst Jakarta’s tallest and most prestigious office buildings that together house key global and local blue-chip companies in Indonesia. The Mulia group has also developed and managed internationally renowned hotels, and residential and shopping mall properties.

Mulia Group president director and owner Eka Tjandranegara he was excited to embark on the project to develop the Signature Tower to become the new landmark of Kuala Lumpur city.

“Our Mulia Group wishes to be an integral part of this iconic state-of-the-art development not only for Malaysia but for the region and beyond.”

“We see TRX’s potential to further develop the city’s role as a financial capital, and the Tun Razak Exchange aids our growth and expansion plans. I am committed to personally seeing this project through, drawing from our vast experience,” he said.

The Mulia Group’s properties also include their award-winning Hotel Mulia Bali which essentially comprises of The Mulia, Mulia Resort & Villas in Nusa Dua, Bali. In the past two years, the resorts have been awarded six prestigious awards by Condé Nast.

TRX’s significant investment in its infrastructure is to create a truly accessible world-class financial hub. Tenants can connect to the city centre and the rest of Greater KL, via the largest integrated underground MRT interchange station.

The MRT will connect TRX to the proposed High Speed Rail terminus station at Bandar Malaysia, linking TRX to Singapore’s financial centre.

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