TRX City breaks ground on 39-storey tower, PwC named anchor tenant
KUALA LUMPUR: TRX City Sdn Bhd has commenced construction on a new 39-storey office tower at Tun Razak Exchange (TRX), further cementing its status as Malaysia's International Financial Centre.
Targeted for completion in 2029, the tower will meet global standards with features such as flexible floorplates, multi-tiered security, direct MRT connectivity, and WELL Core and Shell certification—emphasising occupant health and wellbeing.
At the groundbreaking ceremony, TRX City CEO Datuk Azmar Talib announced that PricewaterhouseCoopers Malaysia Holdings Sdn Bhd (PwC) will serve as the anchor tenant. The firm will move its headquarters from KL Sentral to the new tower, taking up at least 200,000 sq ft of net lettable area.
"The firm's decision to move its headquarters here is a strong endorsement of TRX as the preferred premium international business address," Azmar added.
Following a binding head of terms signed in November 2024, TRX City and PwC aim to finalise the definitive agreement to build and lease by the end of the second quarter of 2025.
TRX has delivered over 9 million sq ft of gross floor area covering office, retail, hotel and residential components.
"Today, we are proud to report that retail is nearing full occupancy, residential projects are more than 95 per cent sold, and office buildings currently in operation have reached close to 80 per cent occupancy based on NLA.
"In just over a year, more global companies are choosing TRX. This includes Ant International, Bin Zayed International (M) Bhd, and MUFG Investor Services. Signalling strong trust in Kuala Lumpur's potential as a business and financial hub," Azmar added.
To fund the new development, TRX City is in the midst of securing up to RM660 million in financing, with Affin Bank Bhd pledging RM250 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BusinessToday
18 hours ago
- BusinessToday
PwC To Cut UK Audit Jobs, Scale Back Pay Raises
PricewaterhouseCoopers (PwC) is planning to lay off approximately 175 junior auditors in the UK and reduce salary increases across its workforce as the professional services sector grapples with a cooling market, Bloomberg reported quoting The Financial Times (FT) . According to the report, employees were informed they would receive a 2.5% salary hike starting in July, down from last year's 3%, as the firm responds to waning demand for some services and a notable drop in staff turnover. The unexpectedly low attrition has added pressure on firms to rebalance staffing levels. Sources told the FT that non-UK nationals on company-sponsored visas, who typically incur higher employment costs, were disproportionately affected by the cuts. The move signals heightened caution within the professional services industry, as firms adapt to a slowdown in client spending and broader economic headwinds. PwC has yet to issue a public statement on the reported changes. Related
Malaysian Reserve
a day ago
- Malaysian Reserve
PwC plans cuts, lower pay rises on tougher market conditions: FT
PricewaterhouseCoopers LLP is planning layoffs in the UK and lower salary increases amid a broader market slowdown, the Financial Times reports. PwC intends to cut around 175 junior auditors by August and told its UK staff they would receive a 2.5% pay rise from July, less than the 3% last year, according to the FT, citing unidentified people familiar with the matter. The move comes as the sector contends with weaker demand for some professional services and a 'sharp decline' in voluntary staff departures that has surprised firms, the FT said. Non-British nationals on visas sponsored by PwC, who are more expensive to keep on the payroll than their UK counterparts, were among those made redundant, according to the FT. –BLOOMBERG
The Star
2 days ago
- The Star
Trump's proposed remittance tax raises alarms among Filipino migrants
LOS ANGELES: For millions of Filipino workers in the United States, sending money back home is more than a financial transaction – it's a vital act of care and survival. A proposed 3.5 per cent tax on remittances, embedded in the Trump administration's sweeping 'One Big, Beautiful Bill,' has raised alarms among Filipino immigrants who rely on remittances to support families in the Philippines. If enacted, the tax would take effect on Jan 1, 2026, and apply to remittances sent by non-US citizens, including green card holders and H-1B visa holders. Aquilina Soriano Versoza, executive director of the Pilipino Workers Center of Southern California (PWC), a grassroots nonprofit that services and organises low-wage and immigrant Filipino communities in the US, warned that the proposed measure would significantly harm the Filipino community. 'This bill will significantly affect Filipino workers who are not only making a living for themselves but also working hard to support their families back home in the Philippines,' she said. Versoza further criticised the proposal as discriminatory: 'Targeting remittances sent by non-US citizens with increased taxes is a clear act of discrimination that unfairly burdens immigrant communities. Tax policies should be applied equitably to all individuals, regardless of their immigration status.' The proposed levy comes at a time when many Filipino families in the Philippines are already struggling with inflation and economic instability. For countless households, remittances from Overseas Filipino Workers (OFWs) spell the difference between financial security and hardship. Josephine Biclar, a caregiver and worker leader at the Pilipino Workers Center in Los Angeles, shared how inflation has already strained her ability to send money home. 'In our caregiving jobs, no work equals no pay. So right now, we are barely making ends meet, hardly sending anything to the Philippines because of inflation. If there are additional taxes on remittances, there will hardly be any money left to send.' Remittances are a key pillar of the Philippine economy, accounting for 8.3 per cent of the country's Gross Domestic Product (GDP) and 7.4 pe cent of Gross National Income (GNI). The United States remains the largest source of these funds. In 2024, Filipino migrant workers sent a record-breaking $38.34 billion back to the Philippines – an increase of 3 per cent from the previous year, according to the Bangko Sentral ng Pilipinas (BSP). This growth was driven by both land-based and sea-based workers, highlighting the enduring commitment of OFWs to their families. Analysts warn that the proposed tax could reduce remittance flows by as much as 5.6 percent, potentially costing the Philippines an estimated $500 million annually. The US plays a central role in remittance transactions, as most remittance centers abroad channel funds through correspondent banks based in the US. BSP Governor Eli Remolona Jr responded cautiously, saying the central bank is still evaluating the proposed legislation and hopes it will not have a significant negative impact. Filipino immigrant communities in the US fear the measure will make their already difficult lives even harder. Some worry the tax may push workers to rely on informal and riskier channels to send money home. Versoza also pointed out logistical and ethical challenges the law could introduce: 'Additionally, money remittance service providers currently do not require information about a sender's immigration or citizenship status. Implementing this bill would not only force these companies to begin verifying this information, it would also raise significant concerns about privacy, data security and potential racial profiling. Singling out non-citizens for additional financial penalties is evidently discriminatory.' Biclar emphasised how the combined effects of inflation, taxes, and immigration fears are affecting Filipino workers' lives: 'Life for Filipinos in the US is difficult because of inflation and tariffs on remittances. Due to the high cost of living, we are forced to reduce the amount of money we send to our families in the Philippines. Sending money is really affected because even our survival here is a struggle, and if additional taxes are imposed on remittances, where else will we get extra money?' Beyond the economic impact, advocates warn that the remittance tax is part of a broader legislative package that also includes cuts to social safety nets – measures that could further marginalise immigrant communities. Biclar also cited growing anxiety among immigrants amid heightened immigration enforcement: 'Aside from tariffs and inflation, the current immigration situation in the US is affecting everyone, not only the undocumented but also those with papers. We have no choice but to slow down at work. It's scary to go out because of ICE raids.' As the bill continues to face deliberation in the Senate, its final outcome remains unclear. Still, Filipino workers and advocacy groups are preparing for the possibility that the remittance tax could become law – an outcome many believe would deeply undermine the cross-border bonds that sustain Filipino families around the world. - Philippine Daily Inquirer/ANN
