PETALING JAYA: The prime movers of the development of Bandar Malaysia, the consortium called ICSB comprising Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC), have found themselves out of the deal to develop the choicest piece of land in the city.
According to a statement by TRX City Sdn Bhd, an entity under the Ministry of Finance Inc (MoF), the share sale agreement (SSA) governing the development of the 486 acres of land in Sungai Besi has lapsed because ICSB failed to meet the payment obligations despite being granted repeated extensions.
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