HSBC to invest RM1.06 billion for HQ in TRX
KUALA LUMPUR 15 Jun – HSBC’s Malaysian subsidiary would invest US$250 million (RM1.06 billion) to acquire land and build its headquarters at the Tun Razak Exchange (TRX) to show its commitment in developing Malaysia as hub- financial in ASEAN.
HSBC Bank Malaysia Bhd and TRX City Sdn Bhd signed a sale-and-purchase agreement for the development of the bank’s future headquarters, as first phase.
CEO HSBC Malaysia, Mukhtar Hussain said, the investment planned to build a minimum office space of 568,000 square feet, bringing HSBC as the first bank in TRX development.
HSBC is the first foreign bank to invest in the financial district – the master developer for which is TRX City, a former 1Malaysia Development Bhd division now owned by the Malaysian Finance Ministry.
“The investment hits for Malaysia development as strategic ASEAN central, and HSBC glad being one of the iconic” he said.
Cooperation between HSBC and TRX demonstrate their commitment to the employees, communities and business in Malaysia and most telling, it is also important to strengthen the role of Malaysia in ASEAN strategy of HSBC.
He said the TRX is strategically located in the heart of Malaysia’s capital city and will become a key driver in improving Malaysia’s status as an international financial and business center.
Meanwhile, TRX City Chief Executive Officer, Datuk Azmar Talib said the partnership was an important milestone for TRX, in the company’s quest to realize its vision of becoming Malaysia’s international financial center. So far, about 70 percent of the available TRX plots have been commercialized, “he said.
TRX is strategically located in Malaysia’s capital city and will be an important driver in enhancing Malaysia’s status as an international financial and business center encompassing office space, residential, hospitality, retail components.
“TRX City continues to receive significant interest from various local and international investors and tenants, including several of the world’s major banks and financial institutions,” he said.
“With our strong position in the country as a leading foreign bank and its wide range of international, HSBC is well positioned to enhance the success of TRX and I believe our cooperation will help develop a successful financial center of the country,” he said.