Bandar Malaysia? What’s up? Or Nothing’s Up?
Remember this project? Where there were supposed to be 10,000 affordable homes to be built for Malaysians? This was the article stating this fact in 2019. Let’s just hope all will still happen for the benefit of many Malaysians needing an affordable home within 10km away from KL city centre yeah. Bandar Malaysia is in a good location as far as distance is concerned.
It’s not easy when the GDV is super high
When a project is super duper huge, say GDV of RM50 billion, then it will take a long time to plan and execute. Well, what happens if a project is having an estimated GDV of RM200 billion then? One that will transform what we think about Sungai Besi and also be that connecting hub to Singapore? Okay, the High Speed Rail (HSR) has been stopped (or deferred for now). What happens to Bandar Malaysia? Briefly, nothing’s happening for now.
Article in themalaysianreserve.com According to a joint statement by Tun Razak Exchange (TRX) and IWH-CREC Sdn Bhd (ICSB), the deal is lapsed since the Conditions Precedent in the agreement have not been fulfilled by the respective parties within the Condition Precedent Period.
“TRX City and ICSB had been working together to find solutions to preserve the partnership to realise the common vision of unlocking Bandar Malaysia’s potential.
“Despite such efforts, to-date, the parties have not been able to mutually agree to the terms of the extension of the Condition Precedent Period. Thus, the Agreement is now deemed null and void,” the statement added.
The RASSA for the sale of 60% shares of BMSB to ICSB, the joint venture between Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corporation (M) Sdn Bhd, was executed on December 17, 2019. Do refer here for the full article: Article in themalaysianreserve.com
It’s also timing and circumstances too
By the way, no parties would want to start anything big at a time when the sentiment is not so positive, when nothing much could be done even after any agreements are signed and well, there’s nothing wrong to wait for a better timing again and tell the world that something’s happening soon.
Location wise, this is the only final piece of land within 10km away from KL city centre which is huge and could be developed for a long time to come. It’s 197 ha (486 acres.) This is why the groups who will be combining to develop it would have to have both the expertise and the finances too. Let’s hope we do have the best of both as the future developer. Will continue sharing if there are further news.
Next suggested article: Oversupply or not depends on price yeah. Take note before we buy