June 25, 2014 / 7:52 AM / 3 years ago

CORRECTED-Malaysia's 1MDB, Australia's Lend Lease to jointly develop $2.5 bln property project

(Fixes spelling of name of Australian company in headline, first paragraph)

KUALA LUMPUR, June 25 (Reuters) - 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 1976. ($1=3.2170 Malaysian ringgit) (Reporting by Yantoultra Ngui; Editing by Ryan Woo)

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