“It is expected that the development would start construction by early 2017 and will span between 20 to 30 years before being fully completed,” said Yeo while not ruling out the possibility of the forming of a consortium of developers. The 84 million sq ft Bandar Malaysia would be a mixed development with a composition of 40 per cent residential development, 40 per cent commercial and another 20 per cent allocated for amenities, cultural and transportation.
1MDB’s Bandar Malaysia receives significant interest
A significant number of developers have expressed their interest to develop the Bandar Malaysia under the purview of master developer 1Malaysia Development Bhd Real Estate (1MDB RE).
The investment company has fixed July 10 as the deadline for the ongoing equity partner selection process for Bandar Malaysia.
Speaking at a briefing session to the media today, CH Williams Talhar & Wong deputy managing director Danny Yeo said the selection process would be completed by the end July for the 197 hectare (486-acre) project.
“We have invited several property players including big property players but the request for proposal phase is still open to other interested parties.
“We will vet through the proposals to determine the most suitable developer that has the relevant township development experience and shortlist a few to be further assessed.
“It is expected that the development would start construction by early 2017 and will span between 20 to 30 years before being fully completed,” said Yeo while not ruling out the possibility of the forming of a consortium of developers.
The 84 million sq ft Bandar Malaysia would be a mixed development with a composition of 40 per cent residential development, 40 per cent commercial and another 20 per cent allocated for amenities, cultural and transportation.
The latest land valuation of the said asset was at RM4.3 billion as stated in its financial year ended March 31, 2014.
The gross development value of the project currently stands at RM150 billion.
The decision on the selection would lie with 1MDB board with recommendation by CH Williams Talhar & Wong.
The development is located seven kilometres from KLCC and is intended to transform the area into an integrated transport hub in the city via two MRT lines (Lines 2 and 3), KTM Komuter, the Express Rail Link to KLIA and KLIA2, as well as future access to 12 major highways.
A wholly-owned subsidiary of 1MDB, 1MDB RE is also the developer of the upcoming Tun Razak Exchange.
