KUALA LUMPUR (Oct 26): 1Malaysia Development Bhd (1MDB) said it had obtained planning approval for its Bandar Malaysia mixed-property project within Sungei Besi here.

In a statement today, 1MDB Real Estate Sdn Bhd chief executive officer Datuk Azmar Talib said Kuala Lumpur City Hall gave its approval-in-principle for the 194ha (486 acres) Bandar Malaysia.

"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 (TRX) project along Jalan Tun Razak here.

Azmar said 1MDB Real Estate was finalising its Bandar Malaysia development partners list.

"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, selecting preferred bidders and executing 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 (KLCC). Upon completion, Bandar Malaysia will be Kuala Lumpur's gateway for the high-speed rail (HSR) to Singapore.