Search Articles

Find tips, tools and how-to guides on every aspect of property

Iskandar Waterfront, CREC no longer master developers of Bandar Malaysia


Iskandar Waterfront, CREC no longer master developers of Bandar Malaysia

PETALING JAYA, MAY 4: Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd (CREC) are no longer the master developers of the RM200 billion Bandar Malaysia project due to their failure to meet the payment obligations, according TRX City Sdn Bhd, a unit under the Ministry of Finance (MOF).

“This is because, despite repeated extensions being granted, IWH-CREC failed to meet the payment obligations outlined in the conditions precedent under the share sale agreement (SSA). As a result, the SSA between the parties stands null and void with immediate effect,” TRX City said in a statement yesterday.

The acquisition of a 60% stake in Bandar Malaysia by IWH-CREC from 1Malaysia Development Bhd (1MDB) for RM7.41 billion was first announced in December 2015. This was part of 1MDB’s efforts to pare down its debts through asset monetisation exercise.

Following the abortion of the deal, TRX City said it will be immediately inviting expressions of interest for the role of master developer of Bandar Malaysia. – The Sun

Disclaimer: The information is provided for general information only. Malaysia Sdn Bhd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.

More Articles