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6,682 Posts
Discussion Starter #1 (Edited)

Platinum Tower @ Tun Razak Exchange (Kuala Lumpur Financial District)
80 storey, 380m
Architect - SOM & Veritas


Original Post:

Originally posted by rizalhakim @ Malaysian Skyscraper Forum:
Platinum Tower @ TRX :banana::banana:

Previous design:

Machado Silvetti and Associates (USA)
Akitek Jururancang Sdn Bhd (Malaysia)

13,253 Posts
This one (Tun Razak Exchange - KL Financial District) is rolling strong today....

Abu Dhabi in nearly $7bn oil investment in Malaysia

Tuesday, 12 March 2013

KUALA LUMPUR: Abu Dhabi on Tuesday signed an agreement worth an estimated 21 billion ringgit ($6.75 billion) for a petroleum storage facility in Malaysia's Johor state.

The facility for up to 60 million barrels of crude oil will be located in Tanjung Piai in Johor state, Malaysia's prime minister Najib Razak said at the signing ceremony with Abu Dhabi crown prince General Sheikh Mohamed Bin Zayed Al Nahyan.

Malaysia is looking to develop the area as an oil and gas hub, part of an ambitious economic development plan.

In a separate agreement also signed on Tuesday, Abu Dhabi's state-owned Aabar Investments PJS and Malaysia's state-owned 1Malaysia Development Bhd agreed on an 18 billion ringgit "strategic partnership" to invest in Malaysia.

No other details were available but Malaysia Development Bhd said in a statement the partnership "will focus on investments in important high-impact projects vital to the long term-economic and social growth of Malaysia."

Abu Dhabi will also "provide the required capital" for 1Malaysia Development Bhd's Tun Razak Exchange development which is expected to cost billions of ringgit, the Malaysian company added. (Reuters)


13,253 Posts

Friday March 8, 2013

Abu Dhabi sovereign fund may invest significantly in Malaysia’s Tun Razak Exchange

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PETALING JAYA: Aabar Investments PJSC, the Abu Dhabi-based sovereign fund, could be making a significant investment in Malaysia's Tun Razak Exchange (TRX), the ambitious multi-billion-ringgit property development project by 1Malaysia Development Bhd (1MDB), reliable sources told StarBiz.

Aabar, better known in Malaysia as the fund that bought the 25% stake in RHB Capital Bhd from its sister company Abu Dhabi Commercial Bank in 2011, is known internationally for its holdings in such high-profile names as German carmaker Daimler, commodities trader Glencore and Italy's UniCredit.

If Aabar's investment in TRX comes to fruition, then it would be a significant new foreign direct investment deal for Malaysia.

Aabar also has a significant real estate focus. Through its subsidiary, Aabar Properties LLC, the group is involved in real estate development, management and investment. It has a diverse portfolio including residential, commercial and hospitality projects, both in Abu Dhabi and internationally.

Aabar Properties is also involved in Abu Dhabi's most prestigious developments including IPIC Square, Reem Island, Al Raha Beach and Saraya.

Aabar Properties is currently focused on supporting Abu Dhabi's Vision 2030 by developing an extensive range of properties predominantly located in Abu Dhabi.

Aabar Investments also has about 22% in Arabtec, a Dubai-based construction company. Arabtec has worked on several prestigious projects, including the construction of the world's tallest building, the Burj Khalifa.

Last July, Prime Minister Datuk Seri Najib Tun Razak launched TRX as Kuala Lumpur's new financial district. TRX has an indicative gross development value of RM26bil.

TRX is expected to attract over 250 global companies, creating 500,000 jobs directly and indirectly, and is slated to become a global centre for international finance, trade and services.

TRX will be built on a 28.33-ha land off Jalan Tun Razak and will take 15 years to complete. 1MDB was reported to have been working with the regulators to relocate the Securities Commission and Bursa Malaysia to TRX.

It was reported that the first phase of development would kick off with prime Grade A office towers, offering a gross floor area of 750,000 sq ft to 1.2 million sq ft, depending on demand.

To attract foreign investment into TRX, the Government had said that some of the incentives to be introduced were an income tax exemption of 100% for 10 years, a stamp duty exemption on loan and service agreements, an industrial building allowance and an accelerated capital allowance for companies.

13,253 Posts
1MDB, Abu Dhabi partner raise US$3b


1Malaysia Development Bhd (1MDB) and its Abu Dhabi partner have raised US$3 billion (RM9.1 billion) capital from a private placement to fund their RM18 billion of projects.

1MDB and Aabar Investments PJS has raised the US$3 billion through their 50:50 joint venture, Abu Dhabi Malaysia Investment Company (ADMIC).

The capital is an integral part of the strategic pact between Malaysia and Abu Dhabi sealed on March 12 during the visit by Abu Dhabi's Crown Prince Sheikh Mohamed Zayed Al Nahyan.

The capital will be used for investments in strategic and important high-impact projects, such as energy and strategic real estate, which are vital to the long-term economic growth of Malaysia and the emirate, IMDB said.

"This success underlines investors appetite and confidence in the Malaysia-Abu Dhabi partnership, as well as in Malaysia as a sustainable growth centre enjoying peace, stability and good governance," said 1MDB chief executive officer Mohd Hazem Abd Rahman in a statement yesterday.

1MDB's bonds have received an A- rating from rating agency Standard & Poor's, which also assigned an "axAAA" Asean regional scale rating.

The Tun Razak Exchange (TRX) could potentially be the first investment by ADMIC, IMDB said.

TRX is estimated to generate a gross development value of RM26 billion and attract 250 of the world's leading companies, creating 40,000 jobs for knowledge workers.

The multiplier effect generated will produce up to 500,000 new jobs, directly and indirectly nationwide, by the time it is fully completed.

1MDB has also earmarked US$2.32 billion (RM7 billion), which are proceeds originating from its 1MDB-PetroSaudi International joint venture, for future investments.

As of this year, all PSI Murabaha notes have been fully redeemed at a profit, it said.

The proceeds are reinvested in various classes of participating shares in a Segregated Portfolio Company, registered in the Cayman Islands.

"Cayman Islands is in the OECD (Organisation for Economic Cooperation and Development) white list of countries recognised by the organisation for using international tax standards.

"1MDB is transparent and open about the placement of its funds. This was reported in the company's annual return lodged with the Companies Commission of Malaysia," Hazem said.

"It is an interim measure until we identify suitable investment opportunities. The returns generated match or exceed the cost of financing," he added.

1MDB is considering investment opportunities in all of its core sectors, including global expansion, when it supports strategic initiatives that will bring long-term benefits to Malaysia.

With its strategic partners, the group can jointly explore opportunities internationally, it said.

The global platform is useful in forging further collaborations with energy players, such as investors, technology leaders and construction players from Japan, Germany and the Middle East.

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