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KUALA LUMPUR: Companies that establish offices on the Tun Razak Exchange (TRX) will enjoy an extension of their tax benefits until next year in light of the weak real estate market caused by the Covid-19 pandemic.
The extension of TRX marquee benefits through December 31, 2021 is a much-needed respite for those planning to move into the developing financial center.
With the extension granted, the companies would not have to rush to open their doors later this year, the sources said.
The awarding of significant benefits to TRX companies involves a number of tax incentives and other privileges, but originally, this was conditional on opening before December 31, 2020.
The extension of these benefits is a great relief for banks like Affin and HSBC, whose buildings are now being completed.
Sources said Affin and HSBC are expected to locate there in 2021 rather than the initial big move at the end of the year 2020.
A few months ago, Affin put its Menara Affin headquarters in Jalan Raja Chulan up for sale.
As for Lendlease, it is also delaying the opening of its mall until 2022 instead of 2021, as previously reported.
In a statement yesterday, the Australia-based group said it is officially launching its second block of residential units for sale after all available units, with the exception of the bumiputra units, were formally sold in the first block during the pre-sale period started. last year.
To circumvent current marketing challenges and multi-country motion control order regulations, it will hold a digital launch on September 24.
Lendlease Asia CEO Tony Lombardo (pictured below) said he is very “proud” to be a part of this urban regeneration project.
“Lendlease has completed a total of 21 regeneration projects around the world and“ TRX is one of the largest Lendlease developments worldwide. And TRX Residences will set the new benchmark for integrated, sustainable urban living, ”he said.
TRX Residences is part of The Exchange TRX, a 17-acre development formerly located as the Lifestyle Quarter within the 70-acre financial district that is being assembled by various developers building for stakeholders, primarily banks and financial institutions.
Datuk Azmar Talib, CEO of TRX City Sdn Bhd, who has been with the project since day one, is delighted that the financial center is shaping up.
“From day one, TRX City Sdn Bhd and Lendlease have been focused on delivering development that will complement TRX’s plan and vision to be the new heart of KL.
“TRX Residences will be the epitome of sustainable urban living, in proximity to walkable services, public transportation, excellent connectivity, and surrounded by efficiently designed outdoor public spaces,” said Azmar.
A source said the Exchange 106 leases, initially stalled during the motion control order, were confirmed in August and September.
British insurer Prudential has moved into their building and, apart from one floor, the building is occupied.
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