KUALA LUMPUR (THE STAR/ASIA NEWS NETWORK) - Malaysian Prime Minister Najib Razak is very satisfied with the pace of development of the construction of TRX City, which he described as being "on schedule".

He added that TRX was in no hurry to sell the remaining lots (of land) as they wanted to get the best offer they could.

"Many financial institutions are now interested. This will be the next central business district in Kuala Lumpur so it will be a very attractive development," he said on Monday (June 5).

Najib also said that the 10 acres of park land within TRX City would improve the value and lifestyle of the place.

"The China Construction Bank is already negotiating to build a signature tower here, so I hope other institutions will follow suit There will be one - maybe - six star hotel here, and other forms of cultural attractions and entertainment as well," said Najib.

"This is not just about commercial buildings but it will be a kind of centre that will enable you to enjoy the kind of lifestyle that is commensurate with a global standard development," he added.

A firm owned by Malaysia's Ministry of Finance (MOF), TRX City, recently abruptly cancelled a deal with consortium Iskandar Waterfront Holdings (IWH) and China Railway Engineering Corp (CREC) to co-own and develop Bandar Malaysia, citing failure to meet payment obligations.

The cancellation raised eyebrows as the government had sold a 60 per cent stake to IWH-CREC for RM7.41 billion (S$2.4 billion) at the end of 2015 to sharply reduce the debts of scandal-tainted state fund 1Malaysia Development Bhd (1MDB).