KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) will launch a request for proposal (RFP) for Bandar Malaysia here in the next two weeks to select equity investors for the planned real estate project.

In a recent statement, 1MDB president and group executive director Arul Kanda Kandasamy said 1MDB subsidiary Bandar Malaysia Sdn Bhd would undertake the exercise. Strategically located within 7km from the Kuala Lumpur City Centre, Bandar Malaysia will serve as a transport hub here, according to Arul Kanda.

He said Bandar Malaysia was a planned 198ha mixed development that was expected to serve as a catalyst for the transformation of the Greater Kuala Lumpur enclave.

“Prior to the formal launch of the RFP process, which will be independently managed by CH Williams Talhar & Wong, we request suitably qualified equity investors to register their interest by entering into a confidentiality agreement with 1MDB in order to facilitate the sharing of preliminary information,” he said.

Arul Kanda said the RFP followed 1MDB’s rationalisation plan, which was presented to the Malaysian Cabinet on May 29 this year.

On that day, the Finance Ministry said in a statement the government, which owns 100% of 1MDB, intended to turn Bandar Malaysia and the Tun Razak Exchange (TRX) into standa-lone companies.

The Finance Ministry said Bandar Malaysia and the TRX would have full autonomy and be accountable for their operations and financials. — theedgeproperty.com

This article first appeared in The Edge Financial Daily, on June 16, 2015.