(Fixes spelling of name of Australian company in headline,
KUALA LUMPUR, June 25 State investment fund
1Malaysia Development Bhd (1MDB) said it will jointly develop 17
acres of land in Kuala Lumpur with Australian property firm Lend
Lease, and turn it into a retail development worth 8
billion ringgit ($2.49 billion).
The development, dubbed the TRX Lifestyle Quarter, is
expected to attract $1 billion of foreign investments, 1MDB said
in a statement on Wednesday. It will comprise a hotel, three
residential towers and a retail mall.
The development will be part of a new financial hub known as
the Tun Razak Exchange (TRX). The TRX, named after Prime
Minister Najib Razak's father, was launched by 1MDB
in 2012. His father was Malaysia's prime minister from 1970 to
($1=3.2170 Malaysian ringgit)
(Reporting by Yantoultra Ngui; Editing by Ryan Woo)