IJM invests RM500m in Menara Prudential in TRX

PETALING JAYA (Nov 21): IJM Corp Bhd (IJM) is developing Menara Prudential at the international financial district Tun Razak Exchange (TRX), said IJM and TRX City Sdn Bhd in a press statement today.

This follows a share sale and purchase agreement signed today, which sees IJM acquiring 100% equity of Fairview Valley Sdn Bhd (FVSB), a subsidiary of TRX City – the master developer of TRX – that was building the 27-storey purpose-built commercial building.

The Grade A, LEED Gold-certified office building, built over an 1.18-acre parcel with a gross floor area of about 560,000 sq ft, will be Prudential’s new Malaysian headquarters containing all of the company’s life insurance and asset management businesses.

Currently under construction, the building is slated for completion in December 2018, and has already secured tenants for 84% of its net lettable area.

The commercial tower is next to TRX’s main pedestrian gateway from the Bukit Bintang area.

The total investment for the development is about RM500 million.

“We are pleased to have IJM, a blue chip Malaysian company with a strong reputation, coming on board as an investor and as our partner,” said TRX City CEO Datuk Azmar Talib.

“As Malaysia’s first international financial district, TRX will be home to some of the world’s prominent banks and financial institutions. We are confident that IJM, with its solid track record and expertise as a builder and developer, will deliver a sustainable and world-class office space that befits Prudential Malaysia’s stature and business needs.”

Meanwhile, IJM CEO and managing director Datuk Soam Heng Choon said: “IJM is excited to gain further foothold in a prestigious landmark development like TRX, with its excellent location and world-class infrastructure.”

“This marks a significant milestone for IJM to invest in and develop a quality investment property, in line with the company’s strategy to grow its recurring income asset portfolio. We are delighted to welcome Prudential as our lead tenant and to TRX, where we expect the firm and its employees to thrive in what will arguably be Kuala Lumpur’s most iconic international business address.”

Separately, IJM was also awarded a RM392 million contract, excluding lift and façade works, to design and build HSBC’s new Malaysian headquarters at TRX.