KUALA LUMPUR (June 23): Malaysia announced today the request for proposal (RFP) to select Bandar Malaysia's master developer, the Finance Ministry said in a statement.

The proposed Bandar Malaysia real estate project is on a 194ha (486 acre/21.17 million sq ft) tract within the old airport site in Sungai Besi here.

"This RFP document is to solicit the most comprehensive proposal based on highest and best use for the proposed development. The proposer must be able to demonstrate how their proposal focuses and places emphasis on the key themes of serving people and the national interest of Malaysia," the ministry said.

According to the ministry, interested companies or consortiums must meet the following criteria:

"An affiliate of a Fortune 500 company to ensure financial strength.

"An affiliate of a company which has generated cumulatively last 3 years of no less than RM50 billion in revenue from entire value chain of real estate and associated businesses.

"Experience in international quality real estate development projects."

The ministry said the RFP could be collected starting this July 5 from the Treasury Secretary General's office.

Bandar Malaysia has been in the spotlight after Malaysian Government-owned TRX City Sdn Bhd alleged on May 3 this year its planned sale of a 60% stake in Bandar Malaysia Sdn Bhd to IWH CREC Sdn Bhd was "null and void with immediate effect".

The Government via the Finance Ministry owns TRX, a former unit under 1Malaysia Development Bhd (1MDB).The Government also owns 100% of 1MDB. Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corp (M) Sdn Bhd jointly own IWH CREC.

TRX alleged that "IWH CREC failed to meet the payment obligations" under the share sale agreement. In response, IWH CREC said TRX's allegation was "unacceptable" because IWH CREC had fulfilled "all the required payment obligation" under the agreement dated Dec 31, 2015.