[KUALA LUMPUR] Malaysia’s tallest skyscraper is ready to take in tenants from December, its developer said on Wednesday, looking to move past its links to the 1MDB scandal and focus on making headway in an oversupplied property market.
Exchange 106 is the first project to be completed in the Tun Razak Exchange (TRX), a new financial district in capital Kuala Lumpur that was started by now-defunct state fund 1Malaysia Development Berhad (1MDB), from which about US$4.5 billion was misappropriated according to prosecutors.
The 492-metre tower, taller than Malaysia’s Petronas twin towers, came under scrutiny in March last year after the then government of Prime Minister Najib Razak, who co-founded 1MDB in 2009, bought a 51 per cent stake in the project. He acquired the stake just two months before he was ousted in a general election amid popular anger over corruption.
But with the completion of the 106-storey glass and steel tower, and support from the new administration led by Najib’s former mentor-turned-foe, Mahathir Mohamad, Indonesian developer Mulia Group believes the spectre of 1MDB is now behind them.