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In the recently tabled 2012 Budget, the Government has proposed several incentives to accelerate the development of Tun Razak Exchange (TRX).
The package includes; an Income tax exemption of 100% for a period of 10 years and stamp duty exemption on loan and service agreements for TRX status companies, Industrial Building Allowance and Accelerated Capital Allowance for TRX Marquee Status Companies and Income tax exemption of 70% for a period of 5 years for property developers in TRX. These incentives are necessary sweeteners, a first step towards bringing the best talent and infrastructure to the financial district.
1MDB has received a development planning approval from the City Hall for its master plan, prepared by Akitek Jururancang (Malaysia) Sdn Bhd and its global partner Machado Silvetti and Associates. The two companies represent the fusion of local and international talents that best translates 1MDB’s vision for the future financial district through their concept and rendering of the master plan.
AJM and MSA produced a vision for a highly functioning, interesting, innovative, and aesthetically pleasing urban district that will establish TRX as a financial centre of choice.
1MDB is committed to deliver a sustainable and modern TRX and implement the highest level of international design and progressive planning tenets, including industry-leading sustainability in buildings and infrastructure, a pedestrian-friendly green public realm, seamless links to public transportation, and guidelines for architecture of high international standards.
1MDB has also appointed eleven local and global companies covering various fields including sustainability, infrastructure engineering, landscape planning and traffic management were also appointed in 2011. The selection process, which adopted best global practices, included a pre-qualification and RFP process.
Work for TRX is on schedule with construction work expected in 2012.