“Bursa Malaysia’s marketing division will move to TRX, while main operations stay in Bukit Kewangan. TRX rent tops Malaysia at RM10-RM14 per sq ft.”
Kuala Lumpur, 31th July 2024, 12.45pm – Bursa Malaysia Bhd will relocate only its “front office” to the Tun Razak Exchange (TRX), not its entire operation, according to Chairman Tan Sri Abdul Wahid Omar.
Wahid explained that the front office includes the stock exchange operator’s marketing segment, which will enhance visibility and branding for Bursa Malaysia at TRX. However, he emphasized that “the majority of Bursa Malaysia’s operations will remain at the current headquarters.”
“We are quite satisfied with our current location. This premises, which we own, meets our needs well. However, given the potential for TRX to become Kuala Lumpur’s financial hub, we considered the offer from the building’s owner to move there,” Wahid said.
Wahid, who was the chairman of Permodalan Nasional Bhd during the construction of Merdeka 118—the world’s second tallest building—remarked that Bursa Malaysia’s presence in the TRX will enhance the significance of the development, which is being positioned as Malaysia’s International Financial Centre.
“So, I think it is an interesting proposition,” he added.
Last month, Bursa Malaysia confirmed The Edge Malaysia weekly’s report from June 17-23, 2024, that it is in the final stages of negotiations with the developer of The Exchange 106 at TRX to relocate its headquarters there.
Bursa Malaysia currently resides in a 16-storey building in Bukit Kewangan, Kuala Lumpur.
“We are open to the suggestion, but we need to ensure the economics work in our favor. Ultimately, we want to keep the moving costs minimal. Overall, the move should benefit Bursa Malaysia as a whole,” Abdul Wahid added.
He mentioned that negotiations are still ongoing.
In a bourse filing dated June 18, Bursa Malaysia disclosed that it would likely occupy two storeys of The Exchange 106 if discussions with Mulia Property Development Sdn Bhd are successful.
TRX, envisioned as the financial and business hub of the Klang Valley, has a gross development value of RM40 billion. Completed in 2019, TRX offers 2.5 million sq ft of net lettable area (NLA).
According to Knight Frank Malaysia’s Real Estate Highlights 2H2023 report, the asking rent for office space in TRX ranges between RM10 and RM14 per sq ft, making it the highest in the country.
