KUALA LUMPUR: 1MDB Real Estate Sdn Bhd (1MDB RE) has received the planning approval for its Bandar Malaysia development in Sungai Besi from Kuala Lumpur City Hall (DBKL).
1MDB said on Monday the “approval-in-principle”, granted based on Bandar Malaysia’s master plan, was for a mixed-used development with an average gross plot ratio of 4.05, across the entire 486-acre site.
“With this planning approval, the value proposition of Bandar Malaysia is now clear and we are another step closer to realising our vision of making Bandar Malaysia the country’s leading transit-oriented development,” 1MDB RE chief executive officer Datuk Azmar Talib said.
Having previously shortlisted four bidders, 1MDB RE, the master developer of Bandar Malaysia, said the reputable domestic and international property specialists were currently conducting detailed due diligence to become development partners in project.
“We are confident to receive final and binding proposals within the next two weeks, select preferred bidders and execute definitive documentation, before the end of the year,” Azmar said.
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