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by:Newland     2019-11-01
1MDB will spare no effort to build the country-of-the-
Exchange of art Tun Razak.
Different from other ground
Breaking Ceremony, VIP guests often use shovel to sweat in the hot sun to commemorate this moment, the latest and arguably the most fashionable financial district in Kuala Lumpur design style and comfort.
One afternoon at the end of July, near Jalan Tun Razak, VVIP, which officially launched the project, was Prime Minister Datuk Seri Najib Tun Razak.
All he did was touch a LED sphere that rose in front of him in a temporary air.
The picture of a giant excavator loading gravel onto a truck appears on two large screens. That was it.
No heat, no sweat, just a simple ceremony to commemorate this important moment and provide motivation through technology.
This will be the backbone of intelligent technology, digital technology, ecology.
Friendly elements and garden city will be a sign of the future city of modern life and work.
When the cement and paint dry, Tun Razak Exchange (TRX)
Will shape and transform the increasingly towering skyline of Kuala Lumpur.
Named after the prime minister\'s father (Tun Razak)
TRX will be in 70-
Located on the edge of downtown Kuala Lumpur, the acre site.
It is designed to accommodate hundreds of multinational corporations, financial institutions, government agencies, hotels and support services.
This project has an eye.
Great development value of RM26bil.
Although the design of the new district has been heavily planned, the question is, is it enough to push Kuala Lumpur into one of the world\'s top 20 livable cities?
Will it become a financial center to attract large deals and talent that seem to be attracted by Singapore and Hong Kong?
Will its emergence result in oversupply in the real estate industry?
What does it take to turn the whole dream into reality?
The sound of the De destroyer is already full.
They are sure that the new future city will become another \"white elephant \".
But its main developer is Bhd in Malaysia (1MDB)
Otherwise be persuaded.
To be sure, TRX will not only change the way real estate is developed in cities, but will inevitably raise the standards for future development, but it will be an oasis for companies around the world and an area for talent creation.
Package all of this and it will be a place to create sufficient and sustainable economic activity.
\"People are willing to take on the high cost of living in London because it has everything from the financial center to connectivity, shopping, food, art galleries. . .
We must work hard for this.
\"We\'re like part of this big puzzle, and TRX can only solve the government\'s overall vision when other puzzles are also moving.
\"The reality is that it takes a lot of effort,\" said Datuk Shahrol Halmi, CEO of 1MDB . \".
He added, \"We have not limited ourselves to financial services either.
We have been open to others for so long, which helps the vitality and diversity of the region.
\"A large sum of money from the Abu Dhabi investment department is to ensure that this new district has all the decorations of the future and livable city, and the team visited places such as Japan, Rappongi in Hong Kong, marina Bay in Singapore and Canary Group in London extract all the best things these places offer.
Since the design is reasonable, the question is who will fund the cause?
Shahrol said, \"We have locked in strategic investors for the first phase and its infrastructure.
But he\'s nervous.
Keep an eye on the names of investors.
Key strategic investors are the Abu Dhabi government\'s development company through Mubadala, people familiar with the matter said.
Mubadala established a partnership with 1MDB in October 2010 to explore a joint key strategic project in Kuala Lumpur\'s international financial district or KLIFD, now known as TRX.
Shahrol admits that KLIFD pronounces \"a bite\" and it\'s tricky to remember, so it\'s renamed.
Abu Dhabi investors will bring 3 Malaysian dollars.
In the first phase of the TRX development, there is a 5 bill value foreign direct investment, and the project will include three buildings and infrastructure at the top of the mall.
The first phase should be completed in 2016 and TRX is a 15-year project.
The story is not over.
Interested in funding the entire infrastructure cost of TRX, both sides are in talks.
If all parties agree, Abu Dhabi investors will introduce an additional 1 million yuan to fund infrastructure projects, which will bring their total foreign direct investment to 5 million yuan. 5bil.
This puts TRX in a good position, says one observer.
\"It is this momentum that has driven this huge project, but we also need more strategic investors because it is a huge development,\" he added . \".
Shahrol said that 1MDB plans to lock in another strategic investor soon, but did not elaborate.
Shahrol said, contrary to what the market thinks the biggest investor will be Middle East companies, \"No, we are also focusing on areas outside the Middle East.
\"We have inquiries from investors, potential tenants, service providers and even technology companies from all over the world (
Hope to be part of development),\'\' he says.
At a press conference on July 30, Japan\'s Cabinet special adviser maashi Maeda said he had written to the Malaysian government to express the interest of Malaysian investors in participating in the development of TRX.
\"The Japanese are absolutely interested because they feel they have the ability to help TRX,\" said Shahrol . \".
\"This is not a drama in the Middle East and Japan.
There are inquiries everywhere, and there may be some government arrangements for the government.
Even some local players are keen to participate in the development, \"said someone familiar with the mammoth project.
TRX will be developed on the plot, with indications that it will be developed in four phases.
But it will depend on how 1MDB wants to make it happen.
\"We hope to have strategic investors who will develop there (some buildings)
\"Together with us, the plot will be carried out through a joint venture of the plot and a direct sale of the land,\" he said . \".
This is for Shahrol to move the momentum and then it can turn attention and attention to the next priority.
Local participants, including local construction companies, will be involved in the development, but a key component is to raise standards and quality to world level
Class development to attract tenants.
\"TRX can only address the government\'s overall vision when other parts are also moving.
\"If there is no support, then it will not be the best,\" he said . \" But he won\'t let anything stop TRX from being a reality, and he has a list of what needs to be done to ensure full collaboration and coordination in the delivery process.
The concept of working with key strategic investors is similar to that of Iskandar Malaysia and other corridor deployments across the country.
All hanging rewards are available for FDIs, and there is no difference for TRX.
In fact, a task force has been set up to ensure that there are no obstacles in the planning and development of TRX.
This raises concerns in the market, if the development of other corridors has a fleeting opportunity to get more FDIs, If TRX will become a magnet of interest to investors.
\"People think we are the most popular, but Iskandar already has its own momentum, as are the northern, southern and eastern corridors.
They have their own advantages when these projects are presented.
Iskandar\'s advantage, he said, is that it is close to Singapore, and the advantages of the Northern Corridor include agriculture, while the eastern corridor is more about oil, gas and support services.
\"Why Did Petronas suddenly shrink from the eastern corridor (
Just because TRX showed up)when they (
So ingrained)
Kertih, or why is Sime Darby going back from the northern corridor?
\"Investors have their own reasons for why they invest in the corridor.
They have their own industries and strengths, and each corridor has its own appeal and appeal, \"he added.
But Shahrol added: \"I cannot speak on behalf of the government.
Places about incentives)
But as owners and main developers, we want (
All incentives)for TRX.
Of course, throughout the process of receiving the award, there are many institutions, including the Ministry of Finance, the Securities Commission and the Bank Negara.
It really depends on policy.
The manufacturer and they know how to balance and finalize the details.
\"TRX is seen as a promoter and catalyst for the government\'s 2020 vision and ETP initiative.
Promote new areas of growth, promote economic transformation, and promote regional and global prosperity.
The idea is also intended to create enough economic activity to create and pool talent and move towards a sustainable model of green initiatives.
TRX should be the pioneer of all of this, so there are some incentives.
Incentives provided include a 10-year 100% income tax exemption, a stamp duty exemption for loan/service agreements, incentives for eligible real estate developers to grant industrial construction allowances and accelerated capital allowances, and a five-year 70% income tax exemption.
And 1MDB, completely-
Owned by the government and will lead the development of TRX, the government will not fund the project, Shahrol made it clear, \"they didn\'t write me a check and we had to pay rmb2mil for the land.
\"The potential glushahrol does not believe that commercial buildings will be oversupply once TRX is built.
He also disagreed with the idea that there would be quality tenants flying to TRX.
TRX is only three minutes from the petr twin towers and Bukit Bintang tourist belt, and just a stone\'s throw from Jalan Sultan Ismail and Jalan Raja Chulan\'s central business district.
However, TRX will share some of the features of these places, but will distinguish them from comparable business districts in Kuala Lumpur.
It will have open space and park to create a gardenlike city.
The park and open space cover 70 acres, 21 of them.
As for the buildings, there will be 26, one of which is the iconic tower with an area of 200,000 square meters.
Combined with other towers, TRX will have nearly 900,000 m² square meters of space for full competition, in addition to serving apartments, hotels, conference and retail facilities and cultural centers.
Therefore, attention.
Shahrol said: \"We are not going to look at the list of people on this street and try to get them to TRX.
We are more interested in which new participants we can attract and which companies and businesses will set up regional centres in Hong Kong or Singapore.
\"Of course, there will be a good number of tenants over time, but, due to all the businesses there, moving them to TRX will be a location issue of commercial significance.
This flight will inevitably force the rest of KL to upgrade their services as well, and we will be seen as raising the threshold for real estate development in other parts of KL and elsewhere, it will be good in the end for the country, he said.
He added that the \"cannibalism effect will be reduced\", which in itself sets new standards for real estate, and it is these factors that help push KL into the ranks of 20 livable cities.
\"The real estate development side is also willing to push for higher standards so that there will be no tenants running away.
\"If you are uncomfortable and change over time, then the tenant will move to a place that offers better value,\" one observer added . \".
Rival waysKuala Lumpur has long been fighting a failed battle to be recognized as a financial center in the region.
Compared with financial centres such as Singapore and Hong Kong, it dwarfs.
But can TRX change the game?
\"Given that some of the big deals are done in Singapore and that the Republic and Hong Kong are recognized by the international community as financial centres in the region, it will be difficult,\" said one observer . \".
But KL has trump cards in Islamic banking.
As the hub of the Islamic Bank, it is recognized globally.
Islamic finance is worth only $5 (RM15. 6bil)
Now it\'s worth $1 trillion in 1985 (RM3. 12 trillion)
Malaysia\'s Islamic financial sector is already worth $ 400bil (RM1. 25 trillion)
A report says the value of the booming industry will double in the next decade.
\"How do we compete?
You start with the first step and figure out what we need to do, the infrastructure.
At the same time, the government is also seeking to ease the way to do business here.
It is incorrect to say that all big deals are done in Singapore.
Look at our recent ipo and these deals are all done here.
\"If you really start doing all these things correctly and provide a good environment, we have an inherent advantage because our costs are still much lower and we have a lot less talent, what if we create a business for them here?
\"We are not saying that we will compete with Singapore, but that we want to take advantage of our strengths.
We have a good reputation and good momentum in Islamic finance, and we just want to seize this day.
\"The key is to do something better than not,\" he said . \".
TRX will never copy the offshore financial center of Labuan, he added.
\"Labuan is an offshore center. That\'s not what we do.
But you can take us and
Along the central business district)
Jalan Sultan Ismail and Jalan Raja Churan.
\"Of the many real estate projects in the city center, KL Sentral was very lucky to have access to investors and tenants as there was a lot of planning in the project.
Planning on such a large canvas is rare;
Similar to what TRX is going to experience.
Projects of this size may derail a series of problems.
Shahrol said that in the case of a slowdown, \"it doesn\'t make sense to push this forward, and it doesn\'t make logical sense to build a building in a recession.
\"This slowdown has been raised due to the fragile economic situation in Europe and the United States.
It is also crucial to go to bed with the right partner, and in response, Shahrol said, \"The choice of parents is very important, and this is the issue of picking the right partner.
Forgetting everything else, the biggest challenge for him is \"to stick to our original vision where talent gathering and value are created . \".
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