Pay RM500 million in 60 days. RM140 Billion GDV project restarts.

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This should be the ‘MOST EXPENSIVE’ news for 2019. RM140 billion news. They say, the most important thing about a great development is location, location and location. I say, it’s to actually have a viable plan and start. Truth is, anyone thinks Bangsar South would become a hotspot like today before it was Bangsar South? Damansara Mutiara for example was really just land, land and land… Sunway, Puchong and more… There’s one piece of land which was called Bandar Malaysia and it was supposed to be a RM140 billion GDV project. It was put on hold (terminated some say) and all stakeholders were stunned. They could now heave a sigh of relief. Bandar Malaysia will be reinstated after it was terminated in May 2017.

Article in themalaysianreserve.com here The Master developer will still be IWH-CREC Sdn Bhd.This has been confirmed by the Prime Minister’s Office (PMO) in a statement today. IWH-CREC is a joint venture entity between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (CREC). IWH-CREC has to make an advance payment of RM500 million in addition to the original deposit sum of RM741 million within 60 days from the date that the government officially reinstates the project. In the statement by PMO, the revised Bandar Malaysia development will consist of a people’s park, 10,000 units of affordable homes, higher participation of Bumiputera contractors throughout the project, and priority to use local content in the construction process.

PMO’s statement added that Bandar Malaysia will have a significant impact on Malaysia’s economy and will serve as a global hub to further attract high impact global finance, technology and entrepreneurial firms. The total GDV is RM140 billion. The statement read, “These measures will no doubt add further value to the economy via substantive job creation, acceleration of retail and institutional demand for commercial and residential space, moving small and medium enterprises (SMEs) up the value chain and stimulating demand for Malaysian produced construction materials, technology and home-grown talent in advancing sustainable urban growth.” Article in themalaysianreserve.com here

RM140 billion GDV simply meant that the construction industry will now be boosted because more jobs will be coming. It also meant that as soon as all these start to happen, the effects will be positive. It will certainly help to change the current negative sentiment to a more positive one. I think one major component would be the residential part, especially those under the affordable category because the statement said that a total of 10,000 units will be available. When all these are occupied, that’s easily 40,000 residents and this will spur more new businesses in the area. Perhaps the next one will be on IWH-CREC’s plans. That will make things even more exciting. Happy following.

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

written on 21 April 2019

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