Artist impression of Bandar Malaysia. - Filepic
PETALING JAYA: Bandar Malaysia’s master developer is getting domestic and foreign developers and investors to participate in the development of the project, but will give priority to local parties.
In a newspaper advertisement yesterday, Ministry of Finance Inc and Iskandar Waterfront Holdings and China Railway Engineering Corp (IWH-CREC) said they are seeking interested parties to develop the land either through the purchase of land parcels or a single block development.
CBRE|WTW, the transaction advisor for the 486-acre project, has already received expressions of interests from several parties, deputy managing director Danny Yeo said.
“We are opening it up to local developers first to give them the opportunity to participate in the project,” he said when contacted by StarBiz yesterday.
The submission date ends on Oct 21. Yeo said the entire process of identifying the interested parties should be completed by the end of the year.
“We will consider factors like their track record and capability, to determine whether they are qualified. For strong developers, there should be no problem,” he said.
According to the advert, Bandar Malaysia is seeking to develop office buildings, hotels, serviced apartments, condominiums, retail and theme parks.
Criteria: Yeo says CBRE/ WTW will consider the track record and capability of developers.
The project will have a dedicated MNC regional centre, global business and financial centre, medical and international education hub, a 40-acre central park, an international forum centre and affordable homes.
The master developer for Bandar Malaysia said it is looking for Malaysian developers, bumiputra developers, government-linked companies, foreign developers, local and foreign joint ventures as well as local and foreign investment funds.
Yeo said the development of the project would be a “mutually agreeable arrangement” between the interested parties and the master developer.
“They can develop a parcel of land on their own. Alternatively, the master developer doesn’t mind taking up an equity stake and forming a joint venture.
“We want to make things easy for the developers to participate,” he said.
Bandar Malaysia is 40%-owned by MoF, with IWH-CREC holding the remaining 60%.
With an estimated gross development value of RM200bil, Bandar Malaysia is located on the former Sungai Besi air force base. Its development will be carried out over three to four phases and expected take 20 to 25 years to complete.
The development will be home to the planned Kuala Lumpur-Singapore High Speed Rail, Express Rail Link, KTM and the Mass Rapid Transit Lines 2 and 3.
