KUALA LUMPUR (June 18): Bursa Malaysia Bhd (KL:BURSA) said it is in final negotiations with the developer of The Exchange 106 at Tun Razak Exchange (TRX) to move its headquarters to TRX.
The announcement confirmed The Edge Malaysia weekly’s report published for the week of June 17-23, 2024, which stated that Bursa planned to move its headquarters to TRX. The exchange operator currently occupies a 16-storey office building in Bukit Kewangan, Kuala Lumpur.
According to the report, citing an email reply to The Edge, Bursa said the discussions on the move to TRX were still ongoing.
In a bourse filing on Tuesday, Bursa said it is likely to occupy two storeys of The Exchange 106 if the discussion with Mulia Property Development Sdn Bhd materialises. Mulia Property is majority owned by the Minister of Finance (Incorporated).
However, Bursa said the discussions are still ongoing and the details have yet to be finalised.
TRX, which has a gross development value of RM40 billion, was conceptualised as the financial and business hub of the Klang Valley. Completed in 2019, TRX has 2.5 million sq ft of net lettable area (NLA).
TRX will have an occupancy rate of 57% by the end of this year, said Mulia Property. This means there is another one million sq ft of NLA for rent at the tower.
The asking rent for the second-tallest building in Malaysia is estimated to be between RM10 and RM14 per sq ft, making it the highest in the country for office space, according to Knight Frank Malaysia’s Real Estate Highlights 2H2023 report.
Bursa’s share price settled three sen or 0.3% lower at RM8.80, bringing the exchange operator a market capitalisation of RM7.12 billion. Year-to-date, the stock has risen 27%.
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Source: EdgeProp.my
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