KUALA LUMPUR, 2 May: The Bandar Malaysia project, which will be developed under the public-private partnership (PPP) model with an estimated cumulative gross development value of RM150 billion, has the potential to be a catalyst for future economic growth, said master developer, TRX City Sdn Bhd.
Its CEO, Datuk Azmar Talib, said this development offered many business and investment opportunities including in the commercial sector, creative services and tourism and hospitality industries, such as MICE (meetings, incentives, conventions and exhibitions) and theme parks.
“We foresee Bandar Malaysia to also generate skilled employment opportunities, for example, one of the early activation components for Bandar Malaysia is the Kuala Lumpur Internet City (KLIC), which is designed as the primary digital hub for the Digital Free Trade Zone (DFTZ),” he told Bernama in an email interview.
The world’s first DFTZ was jointly launched 40 days ago in the city centre by Prime Minister Datuk Seri Najib Abdul Razak together with Jack Ma, founder and Executive Chairman of Alibaba Group.
The DFTZ, which has two key aspects — Alibaba’s regional logistics hub at the Kuala Lumpur International Airport and KLIC, which is set to become the Silicon Valley of Southeast Asia — will be situated on a 4.05-hectare spot in Bandar Malaysia.
The DFTZ, as reported by the Malaysia Digital Economy Corporation or MDEC, is expected to double the growth rate of Malaysian small and medium enterprises, increase overall goods export by US$25 billion (RM108.53 billion) and create 60,000 jobs by 2025.
Bandar Malaysia is located on the old airport site of the Kuala Lumpur Air Base (PUKL) in Sungai Besi, just 7km from the Kuala Lumpur city centre, which is now under relocation progress to replace the facilities which were no longer suitable and efficient as an air force operation base.
“We are currently focusing on completing the relocation of the Kuala Lumpur Air Base to eight different sites around the country by the end of this year.
“Meanwhile, we have obtained the approval-in-principle for the Development Order from the Kuala Lumpur City Hall, and the Mass Rail Transit (MRT) works for line two – Sungai Buloh-Serdang-Putrajaya, are in progress on site,” said Azmar.
The development of Bandar Malaysia is poised to change the facade and environment of Sungai Besi area and the Greater Kuala Lumpur.
Azmar said Bandar Malaysia would become a transit-oriented development, anchored on the maximum use of public transport with the government setting it as a terminus for the Kuala Lumpur-Singapore high-speed rail project.
The integrated development is set to be a central transport hub, connecting the MRT lines, KTM Komuter, Express Rail Link and 12 other highways.
“With all these, the project can become the future nucleus of Kuala Lumpur.
“The areas surrounding this development too will be able to benefit from the modernisation of the infrastructure brought about by Bandar Malaysia,” he said, adding the development’s primary goal is to be one of the main catalysts for the economic development of Greater Kuala Lumpur.
Bandar Malaysia is envisioned as a world-class city-within-a-city that offers seamless connectivity, being the first integrated transit-oriented mixed-used cluster that will also have retail and lifestyle components, diverse types of city housing and a hub for international business, as well as for creative industries.
TRX City Sdn Bhd, formerly known as 1MDB Real Estate Sdn Bhd, stated in its fact sheet that the long-term project is expected to be completed over the next 30 years.
— THE SUN