When Dato’ Azmar Talib was entrusted with leading the development of Tun Razak Exchange (TRX), he knew it would be one of the most challenging projects of his career. Despite having 30 years of experience in the property industry, transforming TRX into Kuala Lumpur’s next Central Business District (CBD) and Malaysia’s only International Financial Centre (IFC) required strategic vision, resilience, and a commitment to sustainability.
As the CEO of TRX City Sdn Bhd, Dato’ Azmar was responsible for developing the master plan, integrating smart and sustainable infrastructure, and managing the marketing, enhancement, and infrastructure provisions for this national project.
TRX was envisioned as more than just another city centre. It was designed to be a thriving financial and business ecosystem that seamlessly integrates cutting-edge technology, accessibility, sustainability, and liveability, all within a 70-acre area in Kuala Lumpur’s Golden Triangle.
How TRX Began
“We had a clear vision, which is to create an IFC for Kuala Lumpur,” recalls Dato’ Azmar. “It was conceptualised with our target customers in mind, and we worked backwards from there.”
The financial services industry was identified as the primary target market. In 2014, after an international tender, TRX secured major global players, including HSBC, Prudential, Lendlease, and Mulia Group, who became the foundation of the project’s success.
Today, TRX boasts world-class infrastructure, including Grade A, LEED Gold-certified, MSC-status buildings, a comprehensive highway network, underground roads, a dedicated MRT exchange station, a pedestrian boulevard linking it to the Bukit Bintang shopping belt, and a mix of residential, hospitality, retail, and leisure spaces. At its core is a 10-acre rooftop city park—one of the world’s largest.
TRX’s centrepiece is the 492-meter-tall Exchange 106, a striking 106-storey skyscraper with column-free office spaces and an iconic 11-storey crown.
Green Building Certifications and Sustainability
The development of TRX began in 2013 following an international master plan competition and the relocation of existing structures. As the master developer, TRX City Sdn Bhd ensured the district-wide provision of essential infrastructure, including a wastewater recycling plant, road and tunnel networks, and a world-class public realm. Today, 99% of TRX’s infrastructure has been completed.
Phase 1 of TRX is now operational. Exchange 106 and Menara Prudential opened in 2019, followed by HSBC Malaysia’s Menara IQ in March 2022. Affin Bank also relocated its headquarters to TRX in 2022.
TRX’s commitment to sustainability has earned it a Platinum Green Building Index (GBI) Certification and a LEED Gold Certification, making it the first neighbourhood in Malaysia to achieve this recognition for Leadership in Energy and Environmental Design (LEED).
In December 2021, TRX was awarded the IEM Outstanding Engineering Achievement Award for its wastewater treatment plant, which recycles 80% of the district’s sewage for non-potable uses such as cooling, toilet flushing, and irrigation. The development’s sustainability efforts prioritise resource conservation, ensuring reduced energy and water consumption.
Overcoming Challenges
Dato’ Azmar reflects on the hurdles TRX City faced, particularly in securing financing.
“Financing was one of the most challenging aspects of this project. We needed to convince major players to invest in TRX at a time when we had yet to commence anything on the ground, and when the market was soft.”
Additionally, the surrounding neighbourhoods of Imbi and Pudu required infrastructure upgrades to ensure TRX was well-integrated into the city, rather than becoming an isolated development.
“We had to make sure that TRX would not end up as an island in an ageing part of the city, but a development that would be a part of the larger neighbourhood—one that would be physically connected and accessible, and help uplift and enhance the surrounding area.”
Managing investors with diverse mandates and stringent requirements was another challenge. To navigate these complexities, Dato’ Azmar fostered strong relationships with stakeholders, emphasised service delivery, and led his team through difficult periods, including legacy issues within the company and the impact of the COVID-19 pandemic.
Key Milestones
Among TRX’s major achievements was the creation of a distinctive master plan that revitalised an older part of Kuala Lumpur.
Urban design excellence was a priority, and TRX collaborated with both local and international experts to develop detailed plans focusing on pedestrian mobility, smart city integration, sustainability, and security.
Beyond infrastructure, TRX has also made a significant social impact. The project facilitated the relocation of refugees from unsafe housing to better homes in partnership with DBKL and the UNHCR. Additionally, TRX supported market vendors by developing the Integrated Commercial Complex (ICC) Pudu, providing a modern and spacious environment for businesses that previously operated from the Pasar Baru Bukit Bintang wet market.
Investing in ESG for Long-Term Sustainability
Dato’ Azmar strongly advocates for sustainable business models, where long-term growth takes precedence over short-term gains. This commitment is reflected in TRX’s integration of Environmental, Social, and Corporate Governance (ESG) principles.
“We invested in ESG because we understood its importance when we kicked off the project more than 10 years ago. We outlined a thorough development code that spelt out to investors our sustainability plan. TRX is now pedestrian-friendly, our green open spaces make up close to a quarter of the district. TRX also created a District Management framework to ensure safety and operational efficiency, and we continue to work with DBKL to align with the city’s sustainability goals and help elevate Kuala Lumpur as a green city.”
A Leader Committed to Value Creation
Dato’ Azmar Talib believes it is important to be a value creator for people and a problem solver. As a real estate developer and master planner for TRX, he followed a sustainable business model and invested in ESG to build a socially and environmentally responsible, safe, smart and green district to attract world-class brands and to raise the standard of living for the Malaysian community - Shanggari Balakrishnan, Chief Executive Officer, MORS Group
Sustainability lies at the core of the TRX development. It can be seen in their green-certified buildings, energy conservation and water recycling efforts, among others. This can be attributed to Dato’ Azmar’s leadership, someone who clearly factored ESG into his master plan to ensure that the futuristic financial centre he and his team built would stay sustainable and stand the test of time - Dr. Jayanthi Desan, Lead Jury, ACES Awards
With his visionary leadership, Dato’ Azmar Talib has successfully steered TRX from concept to reality, creating a world-class financial hub that is sustainable, technologically advanced, and well-integrated into Kuala Lumpur’s urban landscape. His work ensures that TRX will remain a key pillar of Malaysia’s financial future for decades to come.
