The Exchange 106
|The Exchange 106|
The Exchange 106 at night, under construction on February 2018
|Former names||Menara Platinum, Signature Tower|
|Location||Tun Razak Exchange, Kuala Lumpur, Malaysia|
|Architectural||452 m (1,483 ft)|
|Tip||452 m (1,483 ft)|
|Floor area||453,835 m2 (4,885,000 sq ft)|
|Design and construction|
|Main contractor||China State Construction Engineering Corporation|
The Exchange 106 (formerly TRX Signature Tower) is a skyscraper under construction within the Tun Razak Exchange (TRX) area, a new financial district currently being developed in Kuala Lumpur. The 106-floor building is topped out and is topped with a 48-meter, 12-storey high illuminated crown making it 452 m (1,483 ft). The Exchange 106 tower will have a nett lettable area of 2.8 million square feet, of which 300,000 sq ft is for retail space occupying the first 5 floors of the building.
As of January 2018, more than half of the Exchange 106’s floor space has been taken up by large tenants, predominantly local financial institutions, each taking up between 2 and 8 floors, which have column-less floor plates ranging from 28,000 to 34,000 sq ft. As the Exchange 106 is benchmarked against similar buildings in large international financial centers, such as London’s Canary Wharf and The Shard, New York’s Freedom Tower and Shanghai’s IFC, despite the Exchange 106's high asking rent of RM17 per square foot, up to 47% of the 2.8 million sq ft of the Exchange 106 has been formally signed, and 9% under negotiation as of January 2018, whilst construction is still in progress.
Proposal and development
The skyscraper was first conceptualised when TRX was controlled by 1Malaysia Development Berhad (1MDB), a fund owned by the Malaysian government. On 13 May 2015, 1MDB Real Estate Sdn Bhd (1MDB RE), the master developer of TRX, and the Mulia Group announced that, through Mulia Property Development Sdn Bhd, they had signed a Sale and Purchase agreement for the development rights of the plot of land for the Exchange 106 (then known as the Signature Tower), with the land transacted at a value of RM665 million. Ground work on the Exchange 106 plot commenced on 1 March 2016, with the mat concrete foundation laid in May 2016 (see "Progress" section below).
0n 21 December 2016, whilst construction of the Exchange 106 was well in progress, the Second Finance Minister Johari Abdul Ghani said the Ministry of Finance had taken over the whole of 1MDB's TRX project itself, as part of its attempt to address the fund's unsustainable debt and restructure the company's management. 1MDB was unable to develop TRX smoothly and on time as it was mired in various allegations of corruption and financial abuses.
Subsequently, in July 2017, the Minister of Finance Inc, through its unit MKD Signature Sdn Bhd, acquired a 51% majority stake in Mulia Property Development Sdn Bhd for the joint development of the Exchange 106 with the Mulia Group, with the actual construction costs to be borne by the two parties based on their shareholding percentages in Mulia Property Development Sdn Bhd. MKD obtained a standby line of credit from HSBC to finance its 51% share of the actual construction costs. The MOF Inc said that its participation in the development of the Exchange 106 was agreed at the onset to only materialise when the project had reached a certain development milestone.
When completed, the skyscraper will be the tallest building in Malaysia, until the completion of the Merdeka PNB 118, which is being developed by one of Malaysia's largest fund manager, Permodalan Nasional Berhad. The Exchange 106 will also be the first ever South East Asian skyscraper to have more than 100 storeys. The Exchange 106 will have a total land area of 148,896 square feet and will feature 106 floors and six basement levels.
The main contractor for this project is China State Construction Engineering (M) Sdn Bhd, a subsidiary of China State Construction Engineering Corporation and this building will be the tallest building built by a PRC construction company outside of China.
In May 2016, the mat foundation concrete pour took place over a weekend, and was the second largest continuous concrete pour in the world. Construction of the tower broke local construction speed record, by having completed a single floor in only two to three days. In December 2017, the structure was recorded at 450 meters above ground, close to surpassing the Petronas Twin Towers and taking the title of tallest building in Malaysia and South East Asia. Recently[when?] the Malaysian government has agreed to inject RM2.8 billion into the Tun Razak Exchange, which The Exchange 106 is part of, in order to complete the project after discovering money was misappropriated to pay the debts of 1Malaysia Development Berhad.
- Tun Razak Exchange
- List of tallest buildings in Malaysia
- List of tallest buildings in Kuala Lumpur
- List of future tallest buildings in the world
- List of tallest buildings in the world
- List of buildings with 100 floors or more
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