1MDB receives planning approval for its Bandar Malaysia project

1MDB receives planning approval for its Bandar Malaysia project

KUALA LUMPUR, Oct 26 — 1MDB Real Estate Sdn Bhd (1MDB RE), has received planning approval from the Kuala Lumpur City Hall for its Bandar Malaysia mixed-used urban development in Sungai Besi.

With the approval, the value proposition of Bandar Malaysia was now clear and the company was another step closer to realising its vision of making Bandar Malaysia the country’s leading transit-oriented development, said 1MDB RE, the master developer of the project in a statement.

“We are confident of receiving final and binding proposals within the next two weeks, select preferred bidders and execute definitive documentation, before the end of the year.

“We have previously shortlisted four bidders, comprising reputable domestic and international property specialists, who are currently conducting detailed due diligence to become development partners in Bandar Malaysia,” said Chief Executive Officer Datuk Azmar Talib.

Bandar Malaysia is currently undergoing commercialisation process that is part of 1MDB’s rationalisation plan.

Strategically located about seven kilometres from the Kuala Lumpur City Centre (KLCC), Bandar Malaysia will serve as Kuala Lumpur’s gateway for the high speed rail-line (HSR) to Singapore and become a central transport hub in the city via MRT line 2, KTM and ERL.

There are also advanced plans by the government to improve and provide new highway connections from the city centre to the south that will seamlessly link Bandar Malaysia to other areas within Greater KL.

The masterplan for the 194.4 hectare development includes plans for creating quality city living, establishing a global business and creative enterprise hub, and becoming a retail, lifestyle and tourism destination.

— BERNAMA

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