Naza, Lend Lease agree to develop $1.3 bln Malaysia project

KUALA LUMPUR, Oct 2 (Reuters) - Malaysian privately-owned property developer Naza TTDI Sdn Bhd agreed on Tuesday with Australia's Lend Lease Corp to jointly develop a mixed-use property project with potential gross development value of 4 billion ringgit ($1.31 billion).

The joint venture will develop 10.94 acres of land in Kuala Lumpur to include a regional retail centre, office, hotel and residences, according to a statement by Naza.

The project is part of a bigger development by Naza called KL Metropolis, an international trade and exhibition district that is expected to be completed by 2025, Naza said.

CIMB Investment Bank is the financial adviser to Naza TTDI for the KL Metropolis project, according to Naza. ($1 = 3.0605 Malaysian ringgit)

(Reporting By Yantoultra Ngui; editing by Stuart Grudgings.)