KUALA LUMPUR (Feb 21): TRX City Sdn Bhd (TRXC) has received 10% of the RM2.8 billion allocated to the Tun Razak Exchange (TRX) project as whole by the Ministry of Finance (MoF) last year, said its chief executive officer Datuk Azmar Talib.

Speaking to reporters after the signing ceremony for the Common Estate Agreement today, he said the RM2.8 billion would be doled out by the government in tranches.

"They would be giving us a bridge. What we need have to be presented to them based on our cash flow requirement.

"It is not given in one go, we have to submit a monthly report and request, and they will give it to us as and when required," he said.

He added that the 10% provided came in tranches, and the government would continue to give out the RM2.8 billion allocated as and when the group required additional funds.

He also said infrastructure for the first phase of the TRX would be completed by the third quarter of this year.

"We can't allow construction in the entire place at one go," he said.

Azmar then said 70% of the project had been sold, while adding that the project is not in a rush for the remaining 30% as construction logistics need to be attended to.

"The site is very tight, we can't develop the site in one go. We need to lay down space for construction logistics," he explained.

He said HSBC Bank Malaysia Bhd, Lendlease Malaysia, Urusharta Jamaah Sdn Bhd, Mulia Group, Affin Bank Bhd, Core Precious Development Sdn Bhd and FairView Valley Sdn Bhd held 70% of the land at the development.