On the 17th December 2019 at Putrajaya, the signing of a deal between TRX City Sdn Bhd (TRXC) and IWH CREC Sdn Bhd (IWH-CREC) took place for the reinstatement of the Bandar Malaysia Project, the only super large-scale urban complex in Kuala Lumpur.
Claiming 60% of equity stake on the project’s master developer, Bandar Malaysia, IWH-CREC had agreed in the commitment of the project of the 486-acre of land in the core of Kuala Lumpur; Royal Malaysian Air Force base of Kalan Sg Besi.
Those of attendance to the signing were the Guest of Honour, Prime Minister YAB Tun Dr. Mahathir bin Mohamad, the Host, Fianance Minister YB Tuan Lim Guan Eng, the Ambassador Extraordinary and Plenipotentiary of People’s Republic of China to Malaysia, His Excellency Bai Tian, the President of China Railway Group Limited, Mr Chen Yun, the Secretary General of Treasury, Tan Sri Ahmad Badri Bin Mohd Zahir, the Deputy Secretary General of Treasury, Dato’ Asri bin Hamidon, the Executive Vice Chairman of Iskandar Waterfront Holdings, Tan Sri Lim Kang Hoo, and the Chief Executive Officer of TRXC, Dato’ Azmar Talib.
In the revival of the deal, the stake payment by IWH-CREC is anchored on Bandar Malaysia land valued at RM12.35 billion. Furthermore, payment terms is now 3 years to the benefit of the Government of Malaysia and an additional RM500 million as advance payment is paid by IWH-CREC with the original deposit sum of RM741 million.
Through this deal, it would bring an expected RM140 billion Gross Development Value (GDV) along with cementing a long-term bilateral relation to China. Unlike the old deal, the new Bandar Malaysia is more Rakyat centric with affordable homes of 10,000 units and an 85-acre People’s Park; a mixture of satellite parks and single contiguous built park. The participation of the project will be prioritized more to Bumiputera and local talents, materials, and technology.
With aims to attract Fortune 500 global technology and entrepreneurial companies to the heart of Kuala Lumpur to establish regional offices, Bandar Malaysia is a mixed-development aspiring of the highest standards.
