KUALA LUMPUR (May 17): Although previously close to securing between RM2 billion ($676.4 million) and RM3 billion worth of financing for its Lifestyle Quarter in the Tun Razak Exchange (TRX) development, TRX City Sdn Bhd and its joint-venture (JV) partner Lendlease Corp Ltd appear to be having difficulties locking down funding.

According to sources, six banks had initially pledged their support for the 17-acre (6.88ha) mixed development, including local giants Malayan Banking Bhd and CIMB Group Bhd as well as several foreign-owned banks such as HSBC Bank Malaysia Bhd and Standard Chartered Bank Malaysia.

Affin Bank Bhd was also said to be backing the project, which has an estimated development value of RM8 billion, with plans to channel funds through a syndication.

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