Lend Lease has partnered with Malaysian Government-owned real estate developer 1MDB Real Estate for the construction of the “Lifestyle Quarter,” the initial phase of the Tun Razak Exchange (TRX) global hub for international finance and business taking shape in Kuala Lumpur.
Based on the concept of a unique work-live-play experience, Lifestyle Quarter will cover more than 17 acres of mixed-use development, including a shopping mall integrated with TRX’s multi-layer central park, several residential towers and a hotel. Construction on the project is expected to begin in late 2015 and be complete in 2017.
Under the joint venture agreement, the Australian property and infrastructure company will act as development manager for the project, which has an estimated end value of approximately USD$2.2 billion. The contract finalizes the master framework deal the partners signed last October, with Lend Lease owning 60 percent of the partnership and 1MDB owning 40 percent.