PUTRAJAYA: The Government may gain complete ownership of the Exchange 106 tower in the Tun Razak Exchange (TRX) development if Indonesia’s Mulia Group fails to fulfil its obligations under a compensation agree-ment.
According to Finance Minister Lim Guan Eng, the Mulia Group was to start repaying the amount invested by the Government as capital when the project nears completion.
Meanwhile, the development of the first phase of TRX is at 80% completion.
“I think we should look at the agreement. We are bound by the agreement,” Lim told reporters at a special media briefing on TRX yesterday.
The Exchange 106 tower, which is set to become Malaysia’s tallest skyscraper upon completion, is currently jointly developed by the Finance Ministry’s unit, MKD Signature Sdn Bhd and Mulia Group.
MKD Signature owns 51% of the joint-venture entity while Mulia Property Development of the Mulia Group holds the remaining 49%. The 492m project is slated for completion by the end of this year.
Since the May 9 general election, the new Pakatan Harapan government is reviewing all mega projects undertaken by the previous government.
The 70-acre TRX, which includes the Exchange 106 tower, is one of them.
