1Malaysia Development Bhd (1MDB) has signed an agreement to buy and transfer a 200.5ha airport land in Sungai Besi, which will be transformed into Bandar Malaysia.
1MDB, as the master developer of the project, signed the deal Wednesday with the Federal Land Commissioner.
A second agreement between 1MDB and the Menteri Besar Incorporated of Negri Sembilan was signed for the latter to buy 303.8ha in Sendayan. This location will be the replacement site for the Royal Malaysian Air Force.
At the same time, 1MDB also entered a master relocation agreement with the Ministry of Defence and the Home Ministry to develop eight replacement sites.
"Bandar Malaysia will have several attractive elements to further strengthen Kuala Lumpur's global competitiveness as cities compete to attract international investors and businesses," 1MDB said in a press release.
"Bandar Malaysia aims to promote livability as a distinctive cha-racter of Greater Kuala Lumpur. It will be a mixed development filled with livable space for/ life balance such as open green space and people's avenue as well as higher learning institutions," the statement added.
Tan Sri Nor Mohamed Yakcop, the minister in the Prime Minister's Department witnessed the signing at the Economic Planning Unit of the PM's Department.
1MDB was represented by its chief executive officer Shahrol Halmi.
Its chairman Tan Sri Lodin Wok Kamaruddin was also present.
The release added that this is the third game-changing use of the historical site.
In 1956, it served as the first international airport and it was also the birthplace of RMAF from where it grew to become an ultra modern air force. – Business Times