1MDB gets two final bids for Bandar Malaysia stake

-A +A

KUALA LUMPUR (Nov 12): 1MDB Real Estate Sdn Bhd (1MDB RE), the master developer of Bandar Malaysia, has received two final, binding and funded bids from development partners for the proposed sale of 60% equity in Bandar Malaysia Sdn Bhd.

1MDB RE and its transaction adviser CH Williams Talhar and Wong (WTW) are currently seeking clarification and undertaking a comprehensive analysis of the two bids, after which a recommendation will be made to the 1MDB board.

"WTW is pleased to confirm that the final binding bids fully reflect the expectations of 1MDB RE in terms of land valuation, payment terms and certainty of transaction.

"Accordingly, 1MDB RE is confident that a development partner will be selected and a definitive agreement will be executed by year-end, as envisaged by the 1MDB rationalisation plan," said WTW in a statement today.

To recap, 1MDB had obtained the planning approval for the 194ha (486 acres) Bandar Malaysia mixed-development project on Oct 26.

The development, located about seven kilometres from Kuala Lumpur City Centre (KLCC), is expected to serve as a catalyst for Greater Kuala Lumpur, as it is aimed to be the country's leading transport-oriented development.

Bandar Malaysia will host the terminals for the Singapore–Kuala Lumpur High Speed Rail, Mass Rapid Transit (MRT) lines 2 and 3, KTM Komuter, Express Rail Link (ERL) and future access to major highway networks.