This article first appeared in The Edge Financial Daily on March 11, 2020 - March 17, 2020

KUALA LUMPUR: IJM Corp Bhd has won a RM530 million contract for the construction of The Exchange TRX’s residential component in Tun Razak Exchange (TRX).

In a filing with Bursa Malaysia, IJM Corp said the contract was awarded to its wholly-owned subsidiary, IJM Construction Sdn Bhd, by LQ Residential 1 Sdn Bhd, a joint venture between international property and infrastructure group Lendlease and TRX master developer TRX City Sdn Bhd.

The project comprises a 53-storey tower with 443 units of serviced apartments, and another 57-storey tower with 453 units, together with residential facilities, car parks and commercial space.

“TRX Residences is a great fourth addition to IJM’s portfolio of iconic projects in TRX and an acknowledgement of our extensive expertise in high-rise building construction projects,” IJM Corp group chief executive officer and managing director Liew Hau Seng said in a statement.

IJM is currently undertaking the construction of HSBC Malaysia’s and Affin Bank’s new headquarters, scheduled for completion by end-2020. Menara Prudential, which IJM developed and owns, was completed in May 2019 and is 81% tenanted.

IJM Corp shares closed four sen or 2.17% down at RM1.80 yesterday, valuing the group at RM6.53 billion.