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Bandar Malaysia's final two bidders: Consortiums backed by China and Singapore

Bandar Malaysia: Landscaped retail boulevards with wide pedestrianised corridor. Bandar Malaysia: Landscaped retail boulevards with wide pedestrianised corridor.

1MDB Real Estate Sdn Bhd (1MDB-RE), the master developer of Bandar Malaysia, has received two final, binding and funded bids from development partners for the proposed sale of 60% equity in Bandar Malaysia Sdn Bhd.

The race to acquire a 60% stake in the development is now down to two bidders, one of which is a China-based consortium in a tie-up with tycoon Tan Sri Lim Kang Hoo and several other local developers and another bidder is a Singapore-led consortium.

It is understood that the Chinese firm has also expressed an interest to participate in the Kuala Lumpur-Singapore high speed rail (HSR), which will have a terminal in Bandar Malaysia.

Four preferred bidders were earlier shortlisted from the total of 12 proposals submitted at the closing date of a Request for Proposal (RFP) called by 1MDB-RE on 28 August. This included proposals from domestic private developers, government-link corporations and foreign parties, either submitted independently or as a consortium.

1MDB-RE and its transaction adviser CH Williams Talhar and Wong (WTW) are currently seeking clarification and undertaking a comprehensive analysis of the two bids, after which a recommendation will be made to the 1MDB Board.

"WTW is pleased to confirm that the final binding bids fully reflect the expectations of 1MDB-RE in terms of land valuation, payment terms and certainty of transaction.

"Accordingly, 1MDB-RE is confident that a development partner will be selected and a definitive agreement will be executed by year-end, as envisaged by the 1MDB rationalisation plan," said WTW in a statement today.

To recap, 1MDB had obtained the planning approval for the 194ha (486 acres) Bandar Malaysia, a world-class, master-planned mixed-use urban development project on 26 October.

The development received planning approval with an average gross plot ratio of 4.05 across the entire 486-acre site.

The development, located about 7km from Kuala Lumpur City Centre (KLCC), is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur, as it is aimed to be the country's future leading transport/transit-oriented development (TOD).

Bandar Malaysia will host the terminals for the HSR project, Mass Rapid Transit (MRT) lines 2 and 3, KTM Komuter, Express Rail Link (ERL) and future access to major highway networks.

According to its website, the development aims to become a beacon for international businesses seeking to establish a footprint in Malaysia and the region.

Bandar Malaysia will be home to a Global Business District, a managed business park with features including smart offices, robust digital infrastructure, future-proofed work spaces, a comprehensive security masterplan and more.

Its Retail Lifestyle Cluster will introduce a new shopping experience. Experiential shopping concepts will be combined with ground-breaking architecture to create a vibrant shopping experience which would capture both global and local fashion designers, artisans and traders – emerging as an entrepreneurial centre for trendsetting ideas.

The Creative Enterprise Hub in Bandar Malaysia will be a natural home for companies operating in the high-end services industries - arts and culture, science & technology and fashion and design.

 

All images courtesy of Bandar Malaysia Website.

 

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