KUALA LUMPUR, March 8 (Xinhua) -- Malaysia's Ministry of Finance confirmed Thursday that it will jointly develop the Exchange 106 tower at Tun Razak Exchange (TRX Tower) with Indonesian property developer Mulia Group after acquiring a 51-percent stake in a Mulia subsidiary.

The Minister of Finance Incorporated (MOF Inc.) said in a statement that it had agreed with the Mulia group to jointly develop the TRX Tower, whose construction work is expected to finish by the second half of 2018.

TRX Tower is part of Malaysia's upcoming financial district TRX project, which is estimated to have a gross development value of 40 billion ringgit (10.24 billion U.S. dollars).

The construction of the tower has been awarded to China State Construction Engineering Corp Ltd's (CSCEC) unit China State Construction Engineering (M) Sdn Bhd.

MOF also confirmed it took over the 51 percent stake in Mulia Property Development Sdn Bhd via its wholly owned subsidiary MKD Signature Sdn Bhd (MKD) in July last year. The Mulia Group will still own the remaining stake in Mulia Property Development.

"The sale of the TRX land to Mulia was done on commercial terms with no discount accorded to Mulia," MOF Inc. said in the statement.

It is noted that the TRX Tower will have a net lettable area of 2.8 million square feet space.

Upon its completion, the tower will be one of Malaysia's three iconic structures, following Petronas Twin Towers and Permodalan Nasional Berhad's Merdeka 118.

The TRX Tower is also set to be the 15th tallest building in the world by the time of completion.