IJM to own, develop and build Menara Prudential’s new HQ
PETALING JAYA: IJM Corporation Bhd (IJM) is developing an office tower at the upcoming international financial district Tun Razak Exchange (TRX), the two parties jointly announced 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 Sdn Bhd that was building a 27-storey purpose-built commercial building. TRX City is the master developer of TRX.
According to the statement, The Grade A, LEED Gold-certified office building, built over a land area of 1.18 acres with a gross floor area of about 560,000 sq ft, will be Prudential’s new Malaysian headquarters. It will house all of Prudential’s life insurance and asset management businesses under one roof.
Currently, under construction, the building is slated for completion in Dec 2018 and has already secured tenants for 84% of its net lettable area. The commercial tower is strategically located adjacent to TRX’s main pedestrian gateway from the Bukit Bintang area.
The total investment for the development is about RM500mil.
“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 Sdn Bhd chief executive officer 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,” he added.
