Kaer clinches over RM160 million deal with Exchange TRX
Singapore-based Kaer has recently secured a 15-year project deal with The Exchange TRX in Malaysia which amounts to over MYR160 million (USD36.4 million). With this, Kaer, a Cooling as a Service (CaaS) pioneer, has ensured its portfolio expansion in Asia – The Exchange TRX is property manager Lendlease’s largest development in Asia sprawling over 17-acres. It sits at the heart of the city defining Tun Razak Exchange, Malaysia’s new central business district, and features a lifestyle retail destination, a rooftop park, six premier residential towers, a low-rise campus style office, as well as the renowned Kimpton Hotels and Restaurants chain.
Kaer’s CaaS offering will deliver a best-in-class customer experience alongside platinum levels of sustainability to support the development’s Green Building Index’s rating. The sustainable model will minimise carbon emissions and will eventually run on 100% recycled water produced in the local area.
“The Exchange TRX is one of Malaysia’s most progressive developments and is set to become a leading lifestyle hub in Asia. After a wonderful experience with Paya Lebar Quarter, this is a big opportunity for us to learn and build on what we have done to maximise building performance and reduce the environmental footprint,” said Kaer’s CEO Justin Taylor.
“Demand for cooling continues to grow and will triple by 2050. There is an urgent need for businesses to adopt cleaner and more sustainable cooling options like CaaS. As we work towards driving CaaS as the model of choice for Asian economies, we are happy to count Lendlease as a partner who shares our mission to accelerate the transition towards a low carbon and climate-resilient future.”
[Lendlease transitioned to CaaS with Paya Lebar Quarter in Singapore back in 2017. Kaer and Lendlease’s partnership is in alignment with Malaysia’s pledge to reduce its emissions intensity by 45% of GDP by 2030, compared to a 2005 baseline and achieve carbon neutrality by 2050.]
“As a future-ready development within Malaysia’s International Financial District, The Exchange TRX is conceived as a thriving world class sustainable precinct,” added Mitchell Wilson, Project Director of The Exchange TRX. “Aligned with Lendlease’s Global Mission Zero ambitions of achieving Net Zero Carbon by 2025, the deal with Kaer strengthens our position as a business that goes above and beyond to pioneer new standards for sustainable developments in Malaysia. Beyond providing cost benefit and operational support, Kaer’s CaaS offering is another innovative way of collaborating with our tenants and customers for long-term energy savings.”
Kaer’s CaaS model delivers cooling systems to support commercial and industrial building operations through renewable energy and sustainable operations. Traditionally, building owners purchase, install and run cooling systems, with high upfront costs, along with ongoing maintenance and operational costs. Under the CaaS model, customers simply dictate the cooling conditions they require which Kaer delivers as and when needed by the building.
Kaer assumes all financial investments and operational responsibilities while building owners buy cooling at a fixed rate on a pay-as-you-use basis.
Kaer’s CaaS model saves over 25,000 metric tonnes of carbon dioxide (CO2) every year for its customers and has moved many onto 100% renewable energy for their cooling including INSEAD Business School in Singapore and Elpro Business Park, a mixed-use development in India.
In addition, Kaer’s CaaS model better positions buildings to qualify for green accreditations such as the Malaysian Green Building Index and Singapore’s Green Mark and Leadership in Energy and Environmental Design (LEED) certifications by the US Green Building Council (USGBC).
Kaer currently has contracted a pipeline of projects in Asia worth over USD250 million.