Monday, July 30, 2012

It's now Tun Razak Exchange



KL's coming of age. Don't you think it has a nice ring to it - Tun Razak Exchange? That's what the KL international financial district will be called from today. And it's good to know that TRX is not just about a collection of tall, intelligent buildings in an already very concrete city centre, and billions pumped in by rich investors. There's more spirit to it: Parks. Walks. And jobs. 500,000 good jobs with over 100 global companies that will call TRX home. At the launch, Najib Razak dubbed it "the future of our economic growth". At the end of the project, KL will be join the list of 20 most livable cities in the world. Can 1MDB deliver? Can KL do it? I don't see why not. Do you?

p.s. I bumped into former Mayor of KL, the man who made KL City Hall so profitable it should have been listed on the Bursa [RM2.56 billion in the bank when he left, according to The Edge] , and a supporter of the TRX idea. Ahmad Fuad Ismail is still "jobless" but he won't be for long, I guess. Business and political acumen like his is a rare commodity.

26 comments:

Anonymous said...

Nice landmark it surely will be. Good for Malaysia, but bad planning because roads around it are always choked - made worst especially during peak hours.

We should have planned alternative roads to relieve congestion into and out of Jalan Tun Razak long time ago as more and more tall buildings are coming up around it.


I hope the government will into this immediately

Zaib

Anonymous said...

Buat lah Projek Berbilon bilon,,,indah BERITA dari RUPA,,Dula time Badawi,,Kawasan Pekeliling,,Naik PROJECK konon,,,tapi yang JADI Sarang NYAMOK,,!!!

Ini TRX pulak,,yang sebenar TRICK je!!

Ringgit Malaysia makin TEROK,,,salah sape ekk!! MADDEY lagi kot,!!

Malu dengan KERABAT di Spore,,mereka datang KL bole tinggal di 6 STAR Hotel,,,tapi kita nak pi Spore pon duit tak cukup,,,exchange rate tinggi,,,Dulu-dula wang Amerika kat sini lah rate dia,,!!!

Ngapalah BANGSAT nya PEMIMPIN Negara,,,,Why can't we be like Singapore/Brunei,,,,,duit dia tinggi,!!!

Duit Malaysia ni dah macam duit POKOK Pisang,,teringat masa kechil-kechil main pondok-pondok,,!

Minta-minta RAFIZI and the Gang can do something to the RINGGIT,!!

-BODOLAGI-

Anonymous said...

mr rocky bru, betol ka boleh berjaya? lu cakap bikin senaang hati saja
-jamrut-

Anonymous said...

more high rises.....

what happened to the PNB 100 storey towers around the merdeka stadium...which was taken over from a dead renong.....

rocky - when billion ringgit property projects are planned all over the city you can bet your bottom ringgit that a property crash is coming....

you should know - you are old enough to have seen three of these crashes by now!

Anonymous said...

X-mayor Fuad....sorry all the premier positions in GLC, GIC are reserved for the Malay Alawites a.k.a mamaks...so Fuad be a good Malay sunni ..jadi AJK surau pulak..


Salman the Sunni

Nik said...

It should have been named after the Tunku. Bapa Malaysia had a greater influence and greater honour in leading us to independence and leading by example. The Tunku was a man of honour and principle who was betrayed and stabbed in the back by Tun Razak.
The name is pure ass kissing by 1MDB of Najib's ass.
Just wonder how much more empty office space we need in KL?

Anonymous said...

The name change was because the Middle East investors pulled out as they could not tahan the red-tape and corruption involved?

PARAMESWARA

Anonymous said...

Najib is using his father to honour himself again.

Bl

Anonymous said...

improve taxi service please

bru said...

Dear Param,
I see a big question mark at the end of your comment.

Anonymous said...

Should be called Traitor Exchange!

Anonymous said...

Latuk Locky:

The mark of a successful financial centre is not in its buildings or monetary incentives. It's in the people. If you have the right people, you can make things happen. If you have the wrong people, then nothing is gonna happen and the whole TRX will just be a white elephant, like PKFZ. You think it is so easy that if you build them, they will come ?

For 30 years, everyone is saying that Frankfurt will overtake London as Europe's premier financial centre. It never happened, because Continental Europe is not good in English. Germans and French and Italians end up migrating to London to make the city great.

For 20 years, everyone is saying that Shanghai will overtake Hong Kong. That hasn't happened, and most of China's IPOs still get done in Hong Kong. Shanghai caters for the domestic market, and rightly so, but not as a regional financial centre. Shanghai's hinterland has 1 billion people, so its position is secure.

What does Bolehland have ? People who can't write in English. 26 million population, around half of whom depend on handouts. Continuous brain drain of the best talent trained in Ivy League schools or Oxford or Cambridge. You can't beat the little red dot cos it's AAA and people will park their money there. There's integrity there, while here it is who you know that determines your fate.

TRX will eventually be a ghost town with just a few buildings standing, like in Cyberjaya and Bandar Enstek. Eventually it will become a residential enclave with mat rempits racing along the wide roads. Nothing more.

Wanna bet a Havana No. 2 on this matter ?

Godfather

Anonymous said...

how come all mega projects are English named? whereas all small developers have to be forced to use Malay words(which is nice btw) based on local by-laws? shouldnt the bylaw be applicable to everyone? why double standards?

Anonymous said...

I quite agree with Parameswara. This happened in Iskandar when the Arab investors pulled out from Medini Iskandar. A post mortem must be carried out.

The project is indeed good but the implementation is poor. I hope those who condemn these projects must think rationally and not with emotion.

Letak orang yang BIJAK, JUJUR dan CEKAP will be the answers to avoid any faiures... instead of orang bijak tapi bijak juga menipu.

I agree with all those projects to transform Malaysia into a developed nation....but the people running them must meet the above criteria.

Zaib

Anonymous said...

I dont know what the f@#$ some of you 'well meaning' guys are ranting about.Just bother to look deeper when you travel to these 'high value currency' countries and you may be able to open your minds a bit. What's wrong with a currency at this level.Why so preoccupied with the ringgit at this level.Why compare only with the ones that have gone up??? Bottom line, we all CAN have food on the table and place to live in peacefully. PERIOD

Anonymous said...

Calling all Ah Longs to TRX. Call all Ah Longs to TRX. You will be protected. Some more no tax. You can paste your stickers anywhere you want. All all Ah Longs to TRX.

Anonymous said...

No I prefer Dr Mahathir Domain. But unfortunately Tun doesn't care for such things.

Jasper (I am back!) Bloodstone said...

Let's look at the government's targets for TRX.

- attract more than 250 "world leading companies" to locate in the 70-acre site with an estimated GDV of RM26 billion.

- a new business and financial hub that brings the East and West together.

- a comprehensive review of business regulations. "Our logic behind this review is simple: anything that contributes to future progress stays, anything that is outdated goes" (PM Najib).

- incentives already announced: full income tax exemption for 10 years, industrial building allowance and accelerated capital allowance, income tax exemption of 70% for five years for eligible property developers.

Plus further incentives to come (as reported in the Singapore Business Times, July 31).

It looks as though the government is giving away the kitchen sink, and then some!

More to the point - is this another grandiose vision in the "build it and they will come" syndrome?

Why would financial institutions already established in Hong Kong and Singapore (both of which have years of first-mover advantage) want to relocate their high-end operations to TRX?

Hong Kong and Singapore already have mature financial and banking districts in the heart of their CBDs (Central in HK and Raffles Place/Marina Bay in Singapore), with lifestyles, infrastructure, immigration and tax policies specifically designed to attract high-flying global talent. Can TRX replicate all this?

It will take much more than wishful thinking and government largesse to get TRX up and running and make it into a viable competitor in the race to become a regional financial hub.

KLIA is learning this the hard way as it tries to become a player in the regional air hub race. TRX has this template to study at length for infrastructure and policy execution mistakes and missteps.

Anonymous said...

So we have a clueless planning unit.backed up by political ass kissers like rocky

Anonymous said...

In the regional airhub race, KL leads Changi in both international and total passenger categories in terms of passenger growth per annum. Changi's slide into the backwaters will be accelerated when the effects of the Euro meltdown slams into air travel. Period.

In the financial hub stakes, more and more peole are disinterested in setting up a joint in Singapork simply because they are are afraid of being tainted with moneylaundering.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aK7UIXigIxjM

http://www.state.gov/j/inl/rls/nrcrpt/2012/vol2/184112.htm

More recently a huge black-hole in the region of SGD500billion appeared unexplained in the Singaporkian accounts, data of which has left experts puzzled:

http://econsmalaysia.blogspot.com/2012/07/a-singaporean-mystery.html

The blackhole and the money laundering listing has burst forever the Singaporkian "illusion" for financial probity and integrity, somethings it never had had in the first place, except highlighted in crap corrupt indices run by Transperancy International and the like. With a financial crisis about to unfold courtesy of the Eurozone i doubt anyone would want to set up shop in Singapork.


TruthSeeker

Anonymous said...

What happen to Putra Jaya and Cyber Jaya and Multimedia Corridor? Which country's High com or Embassy moved to Putrajaya like Canberra?

Big head and talk. Where is the money come from and who will be renting them?? DUMMo?

Anonymous said...

Hey NIK, there will be plenty of vacant office space if you are the leader. Thank God you are not. What are you? A narrow minded fool.

Anonymous said...

Duit kita rendah tapi duit banyak masok. Kalau suka sangat Singapore pergilah tinggal sana. Apa buat bising bising sini?

Anonymous said...

sementara tu jalan raya continue terok sesak dan warung2 makan kotor - meja makan pon geli tengok- berminyak dan berbau, hygiene macam babi - malu kat tourist pon ada!! improve lah public transport dulu kasi first class !!

Chombi Bee said...

can't stop thinking about how congested the area is going to if the project really takes off...

Jasper Bloodstone said...

TruthSeeker (really?)

Let's see how many banks, hedge funds and private equity outfits (not forgetting international law firms and consulting firms) hightail it out of Singapore and Hong Kong for the more salubrious climes of TRX.

It should be easy enough to quantify right? Just ask the good folks at Bank Negara (when they can spare the time from enforcing BAFIA)!