Southeast Asia’s tallest tower open for business this December

Southeast Asia’s Tallest Tower Open For Business This December

Southeast Asia’s tallest skyscraper is set to open its doors this December after more than four years of controversies over its funding being entangled in the scandal engulfing Malaysia’s state fund 1Malaysia Development Fund (1MDB).

Built in Kuala Lumpur, the 492-meter, 106-floor tower called Exchange 106 comprises of 93 floors of office space, as well as restaurants and shops in its lower reaches. Its distinct geometric glass crown can be illuminated in various colors, while a sky lobby offers views over the Malaysian capital.

Exchange 106 is more than 40 meters taller than the nearby Petronas Towers, the world’s tallest buildings between 1998 and 2004. The new tower has also overtaken Ho Chi Minh City’s Landmark 81 to become Southeast Asia’s tallest skyscraper. It is also the sixth tallest office building in the world. Tenants will be mainly domestic financial companies.

The skyscraper is located in new 28-hectare development known as Tun Razak Exchange (TRX). Named after disgraced former prime minister Najib Razak’s father, the business district was bankrolled by the controversial 1MDB fund upon being announced by Najib in 2012.

According to the developer, the new district including the tall tower aims to bring the “energy and drive of international hubs” like Canary Wharf, New York’s World Trade Center towers and Shanghai’s International Finance Center to this part of the world.

However, the project was in danger of being stopped after investigations into 1MDB’s role in an alleged scheme to launder billions of dollars got underway in 2015. But construction work continued, and Exchange 106 broke ground the next year after the new government stated that it does not want to have an unfinished eyesore spoiling Kuala Lumpur’s skyline view and would not allow the new district to become “collateral damage to the past excesses of the previous government.”

Furthermore, deconstruction of the entire TRX project would have been almost equally expensive than completion, given financial penalties for breaches of construction contracts with developers.

In 2018, Malaysia’s Ministry of Finance announced that it would help fund the remaining construction of TRX including the tower together with Indonesian property developer Mulia Group.

Described by its developers as “Malaysia’s first international financial district,” TRX comprises of 30 buildings with combined floor space of w.23 square kilometers. HSBC and Affin Bank are among the companies are also set to open offices in the development.

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Southeast Asia’s tallest skyscraper is set to open its doors this December after more than four years of controversies over its funding being entangled in the scandal engulfing Malaysia’s state fund 1Malaysia Development Fund (1MDB). Built in Kuala Lumpur, the 492-meter, 106-floor tower called Exchange 106 comprises of 93 floors of office space, as well as restaurants and shops in its lower reaches. Its distinct geometric glass crown can be illuminated in various colors, while a sky lobby offers views over the Malaysian capital. Exchange 106 is more than 40 meters taller than the nearby Petronas Towers, the world’s tallest...

Southeast Asia’s Tallest Tower Open For Business This December

Southeast Asia’s tallest skyscraper is set to open its doors this December after more than four years of controversies over its funding being entangled in the scandal engulfing Malaysia’s state fund 1Malaysia Development Fund (1MDB).

Built in Kuala Lumpur, the 492-meter, 106-floor tower called Exchange 106 comprises of 93 floors of office space, as well as restaurants and shops in its lower reaches. Its distinct geometric glass crown can be illuminated in various colors, while a sky lobby offers views over the Malaysian capital.

Exchange 106 is more than 40 meters taller than the nearby Petronas Towers, the world’s tallest buildings between 1998 and 2004. The new tower has also overtaken Ho Chi Minh City’s Landmark 81 to become Southeast Asia’s tallest skyscraper. It is also the sixth tallest office building in the world. Tenants will be mainly domestic financial companies.

The skyscraper is located in new 28-hectare development known as Tun Razak Exchange (TRX). Named after disgraced former prime minister Najib Razak’s father, the business district was bankrolled by the controversial 1MDB fund upon being announced by Najib in 2012.

According to the developer, the new district including the tall tower aims to bring the “energy and drive of international hubs” like Canary Wharf, New York’s World Trade Center towers and Shanghai’s International Finance Center to this part of the world.

However, the project was in danger of being stopped after investigations into 1MDB’s role in an alleged scheme to launder billions of dollars got underway in 2015. But construction work continued, and Exchange 106 broke ground the next year after the new government stated that it does not want to have an unfinished eyesore spoiling Kuala Lumpur’s skyline view and would not allow the new district to become “collateral damage to the past excesses of the previous government.”

Furthermore, deconstruction of the entire TRX project would have been almost equally expensive than completion, given financial penalties for breaches of construction contracts with developers.

In 2018, Malaysia’s Ministry of Finance announced that it would help fund the remaining construction of TRX including the tower together with Indonesian property developer Mulia Group.

Described by its developers as “Malaysia’s first international financial district,” TRX comprises of 30 buildings with combined floor space of w.23 square kilometers. HSBC and Affin Bank are among the companies are also set to open offices in the development.

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