KUALA LUMPUR (May 17): Prime Minister Datuk Seri Najib Tun Razak said Malaysian Government-owned TRX City Sdn Bhd and Bandar Malaysia Sdn Bhd will soon announce the request for proposal (RFP) process to select the master developer of the Bandar Malaysia real estate project here, Bernama reported today.
The planned Bandar Malaysia project is on a 194ha (486 acre/21.17 million sq ft) tract within the old airport site in Sungai Besi here. Bernama quoted Najib as saying the master developer selection would involve strict criteria.
"The selection process for the master developer will involve very strict criteria, including a proven track record, speed of delivery, content creation, and the financial capability to deliver a project of this scale. The highest possible value will be sought to ensure the best deal for the taxpayer is obtained.
"The biggest development site in Malaysia, in a key strategic position in our capital, it will become a new city centre for Kuala Lumpur and a vibrant new community for young people and families to live in, a thriving new centre for businesses both big and small, and a truly exciting new destination for those, including tourists, looking to enjoy the arts, culture and all Malaysia has to offer," Najib said.
Najib said today that during his recent visit to China, the Malaysian Government and China-based Dalian Wanda Group Co Ltd had discussed the possibility of Dalian Wanda becoming Bandar Malaysia's master developer.
Najib said he believed diversified entity Dalian Wanda was in a position to undertake the Bandar Malaysia project and that the Malaysian Government was willing to discuss the possibility of developing Bandar Malaysia with Dalian Wanda.
"We (have) not gone into the details or the agreement," Najib said.
Dalian Wanda's website indicates its businesses include property development, besides hotel and cinema operations.
Bernama quoted Najib, who is also Malaysia's finance minister, as saying the Finance Ministry would retain 100% of Bandar Malaysia to ensure Malaysians benefit "to the greatest extent possible" from the project.
- Mohd Irwan appointed as TRX, Bandar Malaysia chairman
Najib said Treasury Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah has been appointed as chairman of TRX and Bandar Malaysia.
According to Najib, Mohd Irwan would lead a team to oversee Bandar Malaysia projects and the monetisation of 1Malaysia Development Bhd's (1MDB) remaining real estate assets.
"I have full confidence that under Irwan's leadership, the prospects for and development of Bandar Malaysia will go from strength to strength," Najib said.
Bandar Malaysia has been in the spotlight, after TRX alleged on May 3 this year that its planned sale of a 60% stake in Bandar Malaysia to IWH CREC was "null and void with immediate effect."
The Government via the Finance Ministry owns TRX, a former unit under 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 "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.