Thursday 28 Mar 2024
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KUALA LUMPUR (July 13): Property consultancy CH Williams Talhar & Wong (WTW) said 40 parties have answered the call for the expression of interest (EOI) for Bandar Malaysia, which ended last Friday.

1MDB Real Estate Sdn Bhd (1MDB RE), the property arm of 1Malaysia Development Bhd (1MDB), has started looking for equity partners to develop the upcoming Bandar Malaysia on the Sungai Besi land. 1MDB RE is the master developer for Bandar Malaysia.

"40 parties have answered its call for EOI which ended on July 10. Among them were government-linked companies (GLCs), top Malaysian developers, world-class property names, state investment arms as well as several consortiums," said the property consultancy's deputy managing director Danny Yeo when contacted by The Edge Financial Daily.

Apart from Malaysia, interested investors also came from China, Japan, Korea and Australia, among others, said Yeo.

He added that those qualified will be shortlisted to the next stage, but did not give a definite timeline for the final selection to be carried out.

WTW made the EOI call more than two weeks ago. The selected parties will work with 1MDB on an equity basis to develop the 198-ha mixed development.

To recap, 1MDB president and group executive director Arul Kanda Kandasamy had said in a statement recently that the Bandar Malaysia project, located within 7km from the Kuala Lumpur city centre, will serve as a transport hub.

The commencement of development at Bandar Malaysia is part of cash-strapped 1MDB’s efforts to monetise its assets to service its RM42 billion debts, whereby the request for proposal started with the call for EOI by WTW. 1MDB RE is also the developer of Tun Razak Exchange.

Bandar Malaysia will also be the terminus for the Kuala Lumpur–Singapore high-speed rail (HSR) project that has aroused the interest of potential bidders.

It was previously reported that a Japanese consortium comprising the East Japan Railway Company (JR-East), Sumitomo Corp, Hitachi and Mitsubishi Heavy Industries was formed a year ago to bring Japan’s bullet-train system to Singapore and Malaysia.

It had reportedly started the groundwork by making presentations to the commission and Singapore's Land Transport Authority.

 

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