GDV of RM140 billion within Kuala Lumpur is a go-ahead, officially. Details?

It’s a go-ahead and it’s positive. Official signing ceremony viewed by our Prime Minister Dr Mahathir Mohamad. Also present were Economic Affairs Minister Mohamed Azmin Ali, Finance Minister Lim Guan Eng and Transport Minister Loke Siew Fook. The consortium will include a major Chinese company and the GDV is estimated to be RM140 billion! Land value alone is RM12.35 billion. This is the Bandar Malaysia.

Article in freemalaysiatoday.com TRX City Sdn Bhd, a wholly owned subsidiary of the finance ministry, said it has entered into a deal with IWH CREC Sdn Bhd, the consortium comprising lskandar Waterfront Holdings (IWH) and China Railway Engineering Corporation (CREC), to develop Bandar Malaysia. IWH-CREC is acquiring 60% equity stake in Bandar Malaysia Sdn Bhd, the project’s master developer, from its parent company, TRX City.

A condition of the deal is that IWH-CREC will build 10,000 units of affordable homes in Bandar Malaysia. Bandar Malaysia will be located on 195.5ha in Sungai Besi in the heart of Kuala Lumpur. There was also a request by the government for 28.3 ha to be retained as the green lung in the centre of the massive development. Dr. Mahathir said that Bandar Malaysia would add value to the economy through creation of jobs and acceleration of retail and institutional demand for commercial and residential space. Please refer to the full Article in freemalaysiatoday.com

Someone asked me last year about the ‘terminated’ Bandar Malaysia. I replied that Bandar Malaysia is considered a catalytic development. If it is successful, it will draw in a lot of foreign funds into Malaysia and it will have to proceed. We need to understand that development needs to continue so that economic growth could also continue. The multiplier effects from all these new developments will be good for everyone.

Perhaps the next question we want to know is how will the High Speed Rail (HSR) be proceeding. There’s a HSR station within the Bandar Malaysia and this is a critical component as well. If it’s indeed true that Singaporeans could arrive within Kuala Lumpur in less than 2 hours, we will be seeing a huge number of visitors and with them, the potential huge number of new investments too. That one, we will have to wait. Happy being happy about Bandar Malaysia.

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written on 17 Dec 2019

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