Commercial & Industrial Property News Update

Malaysia - Naza TTDI And Lend Lease Team Up For RM 4 billion Mixed-use Project

October 3, 2012

The development will be part of Naza TTDI's KL Metropolis project, and will cater to office, retail, hotel and residential uses.

Naza TTDI has announced that it will team up with Australian property developer Lend Lease for a new project with an estimated gross development value (GDV) of RM 4 billion.

The collaboration will see the two companies jointly developing a plot of land at KL Metropolis spanning 4.376 ha into a mixed-use property catered to a variety of uses. The as-yet-unnamed project will comprise of a regional retail centre, office units and a hotel as well as residential spaces.

Naza TTDI said that its partnership with Lend Lease, a fully integrated international property and infrastructure group, bodes well for the future of KL Metropolis.

Deputy executive chairman and group managing director SM Faliq SM Nasimuddin said the joint project would help Naza TTDI's aspiration and vision to position KL Metropolis as Kuala Lumpur's international trade and exhibition district.

Spanning 30.2 ha and with an estimated GDV of RM 15 billion, KL Metropolis is poised to boost Malaysia's status as a prime destination for meeting, incentives, conventions and exhibitions (MICE). It is Naza TTDI's flagship integrated development project.

Faliq said that the joint venture with Lend Lease will bring together the resources and experience of both companies with their respective areas of expertise.

He noted that the proposed joint-venture would result in the creation of a hub for retail and commercial activities that would support and complement the new Matrade Exhibition Centre in KL Metropolis that is slated to be completed in 2015.

Tags: Office for lease, Shop for rent, Commercial real estate, Income properties

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