Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on October 27, 2015.

 

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has obtained the planning approval for its Bandar Malaysia mixed-property project in Sungai Besi here.

In a statement yesterday, 1MDB Real Estate Sdn Bhd chief executive officer Datuk Azmar Talib said the Kuala Lumpur City Hall gave its approval-in-principle for the 194ha (486 acres) Bandar Malaysia master plan, which has an average gross plot ratio of 4.05.

“With this planning approval, the value proposition of Bandar Malaysia is now clear and we are another step closer to realising our vision of making Bandar Malaysia the country’s leading transit-oriented development,” Azmar said.

State-owned 1MDB holds a 100% stake in 1MDB Real Estate, which is also undertaking the Tun Razak Exchange project in Jalan Tun Razak here.

Bandar Malaysia is currently undergoing a commercialisation process, which is part of 1MDB’s rationalisation plan, the statement read.

Azmar said 1MDB Real Estate is finalising its list of development partners for Bandar Malaysia.

“We have previously shortlisted four bidders, comprising reputable domestic and international property specialists, who are currently conducting detailed due diligence to become development partners in Bandar Malaysia.

“We are confident about receiving final and binding proposals within the next two weeks, select preferred bidders and execute definitive documentation before the end of the year,” he said.

According to Azmar, Bandar Malaysia is located some seven kilometres from the Kuala Lumpur City Centre. Upon completion, Bandar Malaysia will be Kuala Lumpur’s gateway for the high-speed rail to Singapore.

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